There are two types of people in the world: those who believe people can fend for themselves and those who think they can’t. If you fall into the latter category, read this article are your own risk.
I recently published an article where I interviewed several financial professionals. In it, they discussed the increased fiduciary liability imposed on 401(k) plan sponsors when former employees opt to leave their assets in their old 401(k) plan rather than roll over those assets into an IRA. The article (“Ex-Employees Who Don’t Rollover – Will 401k Fees Increase Plan Sponsor Liability?” Fiduciary News, June 28, 2011) noted most financial planning textbooks suggest employees should take their retirement savings out of their old company’s plan. It also acknowledged this adage remains controversial.
The controversy ends here.
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Christopher Carosa
Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal FiduciaryNews.com and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).
