Retirement industry professionals are happy President Barack Obama gave a nod to retirement during his State of the Union address on Tuesday night, but are upset that he slammed the current 401(k) savings system as not beneficial to the middle class.
"He took jabs at how the 401(k) industry benefits the rich disproportionately to the middle class," said Chad Parks, founder and CEO of The Online 401(k). "I don't think that's the case. They have rules. They are purposely designed to not do that."
He added that if employers put in a safe harbor clause so they can receive a benefit match, their employees also benefit from the match.
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