Lawmakers want to help retirement savers find their lost 401(k) and pension plans
Help may be on the way for workers who lose track of their 401(k) accounts as they move from job to job throughout their careers.
No Worker Left Behind
“You could argue that the 401(k) system works for many people,” says Karen Friedman, executive vice president and policy director at the Pension Rights Center in Washington, D.C. “But you also could argue that it has failed many people.”
Why 401(k) Plans Are Doomed From The Start
The purpose of a 401(k) is to provide meaningful retirement income to a plan participant during his or her retirement. Most plans fail to meet this objective due to mistakes by the participants and plan sponsors.
R.I. Treasurer Raimondo says 60-year-olds with 401(k)s typically have less than $100,000 in them
General Treasurer Gina Raimondo has been leading the drive to overhaul the retirement system for public employees — with its $7.3-billion unfunded liability — but has rebuffed calls from some critics to scrap the pension plan altogether.
401(k) Match Motivates Retirement Saving
Most workers are lured into 401(k) plans by the promise of an employer contribution. 401(k) matches are the primary reason that workers participate in 401(k) plans, according to a Boston Research Group survey of 1,000 current and retired 401(k) participants sponsored by Fidelity Investments.
Are Americans Saving Enough for Retirement?
Have retirement accounts balances rebounded from the financial crisis?
Deferred Compensation Lets Executives Avoid 401(k) Saving Caps
Executives with deferred compensation plans have until tomorrow to set aside part of their bonuses and save as much as 9 percent in future taxes. In addition to the tax break, the plans let highly paid employees circumvent the $22,000 cap on contributions to 401(k) savings plans facing lower-paid workers.
How Much Are We Really Saving in Our 401(k)s?
Most people approaching retirement who are lucky enough to have an employer-sponsored retirement plan will have a 401(k). This pattern is particularly true in the private sector where defined contribution plans dominate; most public sector workers continue to be covered by traditional defined benefit plans, which pay benefits for life based on years of service […]
Workers Unhappy with 401(k) Plans
Workers who save in 401(k) plans generally like the tax perks and employer matching contributions these accounts often provide. But many employees remain skeptical that a 401(k) alone will propel them to a secure retirement.
Pension tax breaks not off-limits to deficit fighters
Two leaders of a group of senators who are trying to convert last year’s recommendations from the presidential deficit commission into legislation say they will take a hard look at eliminating tax breaks that they say contribute to the nation’s fiscal imbalance.
How to protect your 401(k) if you leave your job
You thought the hardest part about saving for retirement was figuring out the best place to invest your money? Here’s another head-scratcher: what to do with your 401(k) when you leave your job.
Workers pessimistic on retirement prospects
Only 78% of employees participate in a defined contribution plan when employers offer such plans, even though most workers consider a DC plan an important benefit, according to a survey by the Transamerica Center for Retirement Studies.