WASHINGTON (Reuters) - An Arizona-based private equity adviser and its chief executive will pay roughly $2.2 million to settle civil charges that they breached their fiduciary duty to investors by failing
When you glimpse at your 401(k) statement come Thanksgiving, you may be in for a shock. Plan providers will have to reveal the hidden fees they've charged participants, and the difference in your retirement savings can be dramatic.
This switch to 401(k) plans began at the same time that Social Security benefit cuts kicked in with 1983 legislation raising the retirement age. Also in this period, wages started to lag behind productivity, with the labor share of income falling.
“The timing couldn’t have been worse for switching to a 401(k) system,” Morrissey said. But they are so lucrative to Wall Street fund managers, with much higher fees than pensions, that reverting back to pensions wholesale is an unlikely scenario.
In effect, we have kicked two of the legs out of the three-legged retirement stool. Individual savings have stagnated along with wages, as more and more of workers’ paychecks cover little more than everyday needs. The pension has been substituted with a stock plan that was never intended to serve as an adequate replacement.
""Many sponsors, particularly of smaller plans, do not understand whether or not providers to the plan are fiduciaries, nor are they aware that the provider's compensation may vary based on the investment options selected. Such conflicts could lead to higher costs for the plan, which are typically borne by participants," according to a 2011 report from the Government Accountability Office."
"Someone is paying for it and it's your employees," said Wolff, a lawyer whose firm recently prevailed against a power equipment manufacturing company that shifted millions of dollars of administrative expenses to workers by the way it structured...
The burden for retirement planning has shifted dramatically, from traditional pensions run by experts to 401(k)s that require decisions by "gravely undereducated investors, Vanguard founder John Bogle says.
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