Serious Flaws in 401k Plans

ERISA fines for Excessive Fees

  • Boeing $57 million
  • Lockheed Martin $62 million
  • Braden (Walmart) $13.5 million
  • Caterpillar $16.5 million
  • Bechtel $18.5 million
  • General Dynamics $15.15 million
  • Fidelity $12 million
  • Ameriprise $27.5 million
  • International Paper $30 million

 

 

 

Time Magazine Managing Editor Mr Stingel on MSNBC’s TV show Morning Joe.

16 seconds: “The 401k needs to be retired. It is not working for millions of Americans.”

47 seconds: “The 401k was never meant to be the primary retirement vehicle for Americans. It was set up in the 1970s as a tax  dodge for executives.”

2 minutes: “The disaster is that as you get older your options are reduced and there is a quirk where the market goes down you have a higher chance of losing money. “

Stingel recommends an “Insurance Pension Plan and contributing 6% of your salary every pay cycle.”

The Willis Report  

Who: Tom Gonnella, Senior VP of Corporate Development, Lincoln Trust. Denver based Lincoln Trust has over 2,000 qualified plan clients and $7.6 billion in retirement assets.

209-814-6865 | JLM@BankingLikeTheRich.com

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