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Released: April 04, 2013
401(k) rollover process too confusing
Source: Sam Hananel, Associated Press Business (USA Today)
Many workers are getting false or misleading information about options for their with 401(k) accounts when they change jobs, congressional auditors said Wednesday in a report that urged regulators to offer consumers clearer guidance about their retirement money.
The Government Accountability Office found that financial firms often encourage workers to roll over a 401(k) into an individual retirement account, or IRA, even when that might not be the best option. The report said the guidance workers currently receive is either too complex or too general, leaving them vulnerable to financial firms that may try to steer them toward IRAs with higher fees.
Read Full Article: 401(k) rollover process too confusing
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