The magic wand known as the EO……
May I see a show of hands to all the working stiffs that have a 401(k)?
Recently I wrote about something brewing with these plans….
I revisited this subject because of something I read the other day…..
A new executive order the Trump administration introduced on Feb. 3 would drain your 401(k) to fund the private equity industry by repealing a previous Department of Labor fiduciary rule, the Intercept reports.
The fiduciary rule, which was to go into effect in April 2017, “would have forced investment advisers in workplace retirement plans like 401(k)s to operate in their clients’ best interests, rather than recommending high-cost, high-risk products that offer the advisers kickbacks and perks,” according to the Intercept.
Trump’s order specifically outlines the intent to “empower Americans to make their own financial decisions, to facilitate their ability to save for retirement and build the individual wealth necessary to afford typical lifetime expenses.”
If you are depending on a 401(k) for your retirement then please pay attention to what is passed in DC that could effect your holdings…..
With that I end my posting day…..enjoy your evening and I will return asd soon as the coffee is made….peace out…..chuq