Employees dipping into their 401(k) plans to meet immediate financial needs is a problem that continues to go ignored by employers, says Financial Advisor Magazine.
So said the Consumer Financial Protection Bureau in a report this week. Writing about the report, Financial Advisor Magazine noted that 401(k) dipping was among the worst employee financial practices that many companies simply ignore. Doing so is both a disservice to the employee and an added cost to the employer, the bureau advised.
See also: Employees struggle with financial health
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
