A recent article in Bloomberg by Ben Silverman asks whether opaque and excessive fees in 401(k) plans can be solved by technology. The answer, unfortunately, is a resounding no. The article profiles an Israeli startup called FeeX which purports to analyze your 401(k) and give you ...
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Since I knocked Bloomberg’s reporting in my previous post about Tesla, let me reference an important article that the news service ran recently, “Billions in Lost 401(k) Savings, Abusive Brokers Under White House Scrutiny.” Right now the Department of Labor is deliberating ...
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Below is a round-up of current 401(k) plan news. First, however, I must acknowledge that the subject of 401(k) plans is intrinsically tedious and boring. Think of how many more pressing problems or interesting issues there are that merit our attention. The list is nearly endless. For me, ...
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Writing in Pensions & Investments, Robert Steyer reports that New York Federal District Court Judge Sidney Stein has ruled against Citigroup and allowed plaintiffs to proceed with a lawsuit against Citi for alleged “self-dealing” in packing its own 401(k) plan with overpriced ...
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The root cause of all the problems with defined contribution retirement plans is the absence of any fiduciary duty on the part of most plan providers. In the recent deluge of TV documentaries, news articles, think tank papers, and government reports about excessive 401(k) fees, this point gets ...
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