PRC News E-Newsletter

April 23, 2009
 
Pension Rights Center Statement on the Introduction of the 401(k) Fair Disclosure for Retirement Security Act of 2009
WASHINGTON - The Pension Rights Center applauds Congressman George Miller (D-Calif.) and Congressman Rob Andrews (D-NJ) for introducingthe 401(k) Fair Disclosure for Retirement Security Act of 2009. At a time when the decline of the stock market has decimated 401(k) plans, it is more evident than ever that every dollar counts - and workers need to know the fees and costs associated with their 401(k) plans. Workers need to know not only how much they are paying in fees, but also what these fees are paying for in the plan. 401(k) fees can significantly reduce the amount workers are able to save for retirement. A recent Government Accountability Office study found that for every one percent increase in the amount of fees workers pay in their 401(k) plans, their retirement savings could decline by as much as 17 percent over a 20-year period. Read more.
 
60 Minutes 401(k) Exposé Shows Need for New Retirement Income System
WASHINGTON - The television news program 60 Minutes aired a devastating indictmentof 401(k) plans Sunday, further documenting the need for a new retirement system above Social Security. The piece featured several older Americans whose 401(k) accounts have dropped precipitously in the past year, shattering their dreams of retirement. The Pension Rights Center hailed the program as a "resounding wake-up call that compellingly dramatized the need for a new universal, secure, and adequate retirement income system for the future." Such a system is the objective of Retirement USA, an initiative launched by the Center and three other organizations last month. Read more

 

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