I found myself at the opening session of the NAPA 401(k) Summit in New Orleans earlier this week listening to Preston Rutledge, benefits tax counsel for the U.S. Senate Finance Committee.
The guy is a committee staff member and reports to staunch Republican Sen. Orin Hatch. I usually don't agree with the guy but I need to keep that part of me under wraps while I'm covering this. I mean, I'm getting paid to be objective.
Rutledge was discussing how the public sector increasingly was positioning itself to take over the retirement biz in the United States. He talked a bit about the possibility that a successful MyRA program might become a victim of its own success – swelling the coffers so quickly error rates would shoot "off the charts."
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