U S lawmakers seek to ban 401 k debit cards: related news

U.S. lawmakers seek to ban 401(k) debit cards

WASHINGTON (Reuters) - Debit cards linked to retirement savings accounts would be banned under a bill set to be introduced in the U.S. Senate.

Lawmakers seek to ban 401(k) debit cards

WASHINGTON (Reuters) - Debit cards linked to retirement savings accounts would be banned under a bill set to be introduced in the U.S. Senate.

Lawmakers Seek to Ban 401(k) Debit Cards

WASHINGTON (Reuters) - Debit cards linked to retirement savings accounts would be banned under a bill set to be introduced in the U.S. Senate.

Lawmakers seek to ban 401(k) debit cards

WASHINGTON (Reuters) - Debit cards linked to retirement savings accounts would be banned under a bill set to be introduced in the U.S. Senate.

Stacked Deck: Debit Card That Taps 401(k) Retirement Savings Is Easy to Use and Abuse

RISMEDIA, July 23, 2008-(MarketWatch)-Debit cards are straightforward. You use them for purchases and money is deducted from your bank account. But when the debited account is your 401(k) retirement plan, critics angrily line up to take a swipe at that piece of plastic.It’s not hard to see why. The 401(k) debit card lets you borrow from retirement savings and pay yourself back with interest over time, much as you would with a typical 401(k) loan. Only the card makes it much easier to crack your retirement nest egg; all you do is shop, swipe and sign.

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Worksheet: The Roth 401(k) Estimator

This relatively new retirement savings option, which first became available on January 1, 2006, combines features of both a traditional 401(k) plan and a Roth IRA. Like a Roth IRA, contributions are made on a post-tax basis and qualified withdrawals taken during retirement are completely tax free. (With a traditional 401(k), contributions are pretax and withdrawals taken during retirement are taxed as ordinary income.) And like a traditional 401(k), the Roth 401(k) has no income restrictions — if your employer offers it, you're eligible. (For more details, read our story, "Introducing the Roth 401(k).")

U.S. lawmakers seek to ban 401(k) debit cards

2008 Women to Watch nominations open Business Insurance will publish its third annual "Women to Watch" report in the Dec. 1, 2008, issue of the magazine and invites readers to nominate outstanding women working in insurance, risk management and employee benefits worldwide. Download the 2008 nomination form.

Corporate I-T records open to hacking too

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Sometimes It Pays To Borrow From Your 401(k)

The financial media has coined a few pejorative phrases to describe the pitfalls of borrowing money from a 401(k). Some members of the financial press would even have you believe that taking a loan from a 401(k) plan is an act of robbery committed against your own retirement. However, this idea may be more urban myth than reality. According to a study by the Employee Benefits Research Institute (EBRI), 18% of all 401(k) participants had plan loans outstanding in 2006. Clearly, these loans have a following and, in fact, they can be appropriate in some situations. Let's take a look at how such a loan could be used sensibly and why it need not spell trouble for your retirement savings (For related reading, see Eight Reasons To Never Borrow From Your 401(k).

Lawmakers seek to ban 401(k) debit cards

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What Small Business Owners Need to Know About 401(k)s

Running a small business can be a life-consuming process, so sometimes small-business owners miss the forest for the trees. Maybe that's why only about 16 percent of businesses with fewer than 50 employees in the United States have 401(k) plans. Small-business owners are so focused on developing their businesses that some do not realize that those assets can grow at a much faster rate for their retirement under the right plan. An October survey by ING DIRECT's ShareBuilder401k, which designs 401(k) plans for small businesses, found that "not enough employees" was the top reason cited by small-business owners as to why they do not have a 401(k) plan. That's despite the fact that even sole proprietorships with no other employees can have 401(k)s.

Senators seek to cap loans from 401(k)s

Legislation setting limits on the number of loans that can be taken from 401(k) plans as well as prohibitions on 401(k) debit cards is to be introduced today by Senate Special Committee on Aging Chairman Herbert Kohl, D-Wis., and Sen. Charles Schumer, D-N.Y.

Senators Unveil 401(k) Debit Card Ban

Senator Charles Schumer (D-New York) and Senator Herb Kohl (D-Wisconsin) said Wednesday that they oppose the 401(k) debit cards, which are being revived by companies seeking to capitalize on tightened access to consumer credit, according to a Reuters report.

SEC Issues Alert on 401(k) Debit Cards

WASHINGTON — While a growing number of companies are starting to offer 401(k) debit cards, the Securities and Exchange Commission is warning users about the fees and penalties involved.

Stull, Stull & Brody Announces Investigation on Behalf of Participants and Beneficiaries of the 401(k) Savings and Profit Sharing Plan of the McGraw-Hill Companies, Inc. and Its Subsidiaries and the Standard and Poor's 401(k) Savings and Pr

Stull, Stull & Brody Announces Investigation on Behalf of Participants and Beneficiaries of the 401(k) Savings and Profit Sharing Plan of the McGraw-Hill Companies, Inc. and Its Subsidiaries and the Standard and Poor's 401(k) Savings and Profit Sharing Plan for Represented Employees

Orphaned 401(k) Plan From Defunct Waterbury, Conn., Company Gets FiduciaryLoading...

Jul. 17--A federal court has appointed a consultant to distribute the assets of an abandoned 401(k) plan established by a defunct Waterbury construction company, the U.S. Department of Labor said Wednesday. U.S. District Court for the District of Connecticut appointed Pension Consultants Inc. of Farmington as the independent fiduciary for the VA Construction LLC 401(k) Plan, an employee benefit plan sponsored by VA Construction LLC of Waterbury until it went out of business in 2001. When the company closed, the plan's fiduciaries stopped performing their duties and failed to appoint a successor, said John M. Chavez, a Labor Department spokesman.

Rethinking 401(k) rollovers to IRAs

Conventional retirement wisdom tells us that when you leave a job, you should roll over your 401(k) to an IRA. Rollovers allow you to continue delaying taxes on your nest egg as it accumulates and avoid an early-withdrawal penalty. But if you have an especially good 401(k) with your old company, it may be better to leave your retirement money there or roll it over into your new company's 401(k).

Rethinking 401(k) Rollovers

Conventional retirement wisdom tells us that when you leave a job, you should roll over your 401(k) to an IRA. Rollovers allow you to continue delaying taxes on your nest egg as it accumulates and avoid an early-withdrawal penalty. But if you have an especially good 401(k) with your old company, it may be better to leave your retirement money there or roll it over into your new company's 401(k).

7 things to consider before you move your 401(k) into an IRA

Conventional retirement wisdom tells us that when you leave a job, you should roll over your 401(k) to an IRA. Rollovers allow you to continue delaying taxes on your nest egg as it accumulates and avoid an early-withdrawal penalty. But if you have an especially good 401(k) with your old company, it may be better to leave your retirement money there or roll it over into your new company's 401(k).

Debit Card Link To 401(k) Touted In Face of AttackLoading...

Bruce R. Bent, the founder and chairman of Reserve Management Corp., defended his company's debit cards linked to 401(k) plans Thursday by saying that they encourage employees to sign up for the retirement accounts and that they reduce the dollar amount of loans taken out against them.

401(K) LOANS AND WITHDRAWALS

Thirty-six percent of U.S. workers had a defined contribution retirement plan, which includes 401(k) accounts, according to the 2004 Survey of Consumer Finances conducted for the Federal Reserve Board. Of 401(k) plans among clients of Hewitt Associates L.L.C.:

Committee Eyes 401(k) Debit Cards

Some members of Congress want to discourage workers from using 401(k) plan hardship withdrawals to pay everyday pre-retirement expenses.

10 ways to spot 401(k) abuse

More Americans than ever rely on 401(k) plans to save for retirement. And to say the plans are increasingly popular is an understatement. Assets in 401(k) plans surpassed $3 trillion at the end of 2007, according to the Investment Company Institute, a national association of U.S. investment companies.

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