It took Congress to create 401(k) plans in the first place. I like the definition (Wiki): "defined contribution plan."
Why have defined benefit plans when you might have a defined contribution plan? At least, the modern labor force generally has no choice in the matter.
Now this.
IMO, it's somewhat more difficult to discover the destructive actions of the Trump administration than it is to focus on its daily spectacle.
"[David] Sirota wrote that thanks to the Labor Department’s guidance, “private equity firms will now be allowed to access—and skim fees off of—the $9 trillion in 100 million workers’ 401k plans and IRAs.”
Originally posted by jon-nyc: Does anyone have a 401k without haveing any discretion where it’s invested?
Ive never heard on one. Insufficient and poor choices, yes. But no choice?
Most people invest in some sort of collective investment vehicle. That's usually what the choices consist of, isn't it?
From that somewhat-unintelligible article, which I admit I didn't read carefully, it isn't clear whether the collective investment vehicles will now be allowed to invest in private equity funds, or whether the individuals themselves will have the choice.
