Who Is Targeting Your 401(k)?

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The problem I have with social security and pension plans is that I am not in control of my future. In both cases someone else is making the decisions and I have to live with the mess they create, because they will serve their interest first and my interest second. At least with a plan like a 401K or an IRA me and the the person managing it have an understanding. I want to have a good retirement and it is in their best interest to provide it, because if they do not I will take my business and money elsewhere.
The problem we have now in the market was created by the Congress on both side manipulating it in their best interest, not mine. If I had actually known what was going on, I would of made changes in how I was investing sooner. I had an inkling that things were going to fall, but did not have the details and could not point to anything specific. I have know started looking for additional sources so that I do not get caught unaware again.

Freddy Boisseau of VA 7:13AM November 30, 2008

I'd like to see Congress redress the inequity of insuring company pensions,but not the one I've funded myself. This is all messed up. Basically, as a taxpayer I get to pay for state, local and federal employee pensions, for bankrupt companies' obligations---when do I get to address my own needs?

Marieelna of NY 7:39PM November 28, 2008

I'd love to see us stop subsidizing wall street. They're getting free money and look what they've done with it since 401k's started -they blew it.

none of IA 10:30PM November 22, 2008

When my company shutdown, I remember many people who had loans were in a predicament. They had to make decisions about their 401ks. Some were required to take out personal loans, or pull out of the 401k. Now that the stock market has crashed, I was wondering how many people are looking at their plans and finding a big goose egg or are being required to cough up additional money in order to meet minimum funding requirements? It is a shame, but still must be more reliable than previous pension plans.
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Tom of IL 9:38PM November 22, 2008

UAL dumped it's pension during a bankruptcy filing, which at the time was underfunded by $10B, on the PBGC. The replacement was a new 401K, wipping out billions. Companies don't want defined benefit plans.

glenn of NY 4:11PM November 20, 2008

It was the dumb idea of people whose defined benefit retirement vanished into thin air when the corporation funding it was liquidated. In more recent times, other corporations have "accidentally" fallen behind on payments into their retirement plans, leading to their insolvency. Retirees found their retirement taken over by the PBGC ( http://www.pbgc.gov/ ), for pennies on the dollar.
The 401(k) system is certainly not perfect...but some really "dunb" people figured it was better than nothing, I guess.

Bisbonian of CA 12:22PM November 20, 2008

I'd like to know how a no-name code section from 1978 became the defacto pension plan of Americans. Did we abandon the real conservatism of defined-benefit pension plans or what? Who's dumb idea was that?

of 1:54PM November 19, 2008