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Congress To Look At Ret. Plan Fees

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Congress Goes After Retirement Plan Fees

 

Excerpts:

 

“You seem to have a lot of people who in some cases appear to be somewhat fast and loose with other people’s money,” Miller said in an interview with Pensions & Investments. “I think we have an obligation to ask: Are the employees getting a fair shake here?”

 

“Many people work very, very hard to accumulate savings and retirement resources that they think are necessary, and they should not be victimized by those they entrust their money to,” he says.

 

Indexed vs. managed

One question posed by Miller is whether plan participants would be better off with their money invested in lower-cost indexed accounts than in higher-cost managed accounts. “We see the number of people who can’t beat the Street, but they’re getting big fees for trying,” he says. “Is that really where people’s money should be?”

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Here's another interesting excerpt:

 

"“This [excessive fees] is not a widespread problem,” says Brian H. Graff, executive director and CEO of the American Society of Pension Professionals & Actuaries in Arlington, Virginia. “When you’ve got people doing stuff [to manage your plan], you’ve got to pay them.”

 

It's hard to disagree with the second statement, but the first statement is questionable. NEA Value Killer comes to mind, as well as the other costly choices that contributors to this forum have pointed out.

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Guest Sierra

Congress Goes After Retirement Plan Fees

 

Excerpts:

 

“You seem to have a lot of people who in some cases appear to be somewhat fast and loose with other people’s money,” Miller said in an interview with Pensions & Investments. “I think we have an obligation to ask: Are the employees getting a fair shake here?”

 

“Many people work very, very hard to accumulate savings and retirement resources that they think are necessary, and they should not be victimized by those they entrust their money to,” he says.

 

Indexed vs. managed

One question posed by Miller is whether plan participants would be better off with their money invested in lower-cost indexed accounts than in higher-cost managed accounts. “We see the number of people who can’t beat the Street, but they’re getting big fees for trying,” he says. “Is that really where people’s money should be?”

 

 

Now is the time to send to Congressman Miller all the NEA/ValueBuilder stuff and let him see for himself how a non-profit educational organization is fleecing its own members.

 

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