“Can you guys comment on this?” writes one of our regular readers, linking us to a “401(k) confiscation” article by one David Mills, reposted on the website of Alaska radio host Joe Miller.
As it happens, I was monitoring whether government will confiscate 401(k) accounts as long ago as 2008 — when Congress briefly debated killing the tax advantages of 401(k) accounts.
And in my role as the Laissez Faire Letter’s 401(k) watchdog, I’m plugged into the new development that’s caught Mr. Mills’ eye. This week, the Labor Department issued new rules that would make brokers and advisers to retirement plans operate under the “fiduciary” standard.
We need to back up a bit. Professionals in the financial services industry generally get paid one of two ways…
- Method No. 1:
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