Sunday, March 1, 2015

White House looking to creep into 401(k)s

Last Monday, with Sen. Elizabeth Warren (D-Mass.) at his side, President Obama attacked Wall Street, again, for essentially helping in what the federal government and businesses can no longer provide — a decent retirement.
Under the false pretense of calling for new and tougher so-called fiduciary standards for financial brokers, advisers and retirement plan representatives, the White House once again horned in on Wall Street’s compensation formulas.
However, what the president surely knows is that a vast majority of retirement plans — IRAs and 401(k)s — are in simple fee-based products like mutual funds. The commission-based accounts are for those who prefer to direct their brokers in certain purchases inside some of their retirement products.
The key to the White House’s interference is in its nuanced language.

http://nypost.com/2015/02/28/white-house-looking-to-creep-into-401ks/ 

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