401(k) Fee Disclosure Bill Introduced to Senate

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If all federal, state, and municipal workers were suffering the same pain the private sector is experiencing with the 401K debacle, it would be amazing how quickly reform would be legislated into law. Until pension reform takes place, Congress will continue to sit on their thumbs and not do anything to remedy the situation. They'll continue to reach into taxpayers pockets to subsidize their pensions at the expense of private sector workers.

Ron of RI 8:37PM February 20, 2009

Just to add. SOMEONE is reaping the spoils and it's NOT the working class or what is left of the middle class worker.

Maureen of MI 12:54AM February 20, 2009

I agree with all the comments. We put our faith in these people to do the right thing with our monies and now they all live on EASY Street and we have nothing. It has to STOP. They talk a sharp talk and say not to worry. Your money is "safe" with us. We have excellent people working for us and "they" know what they are doing. Ok, what happened then? "They" don't care about the working person who goes pay check to pay check trying to make a living and keep somewhat near the top of the water while treading hard. I agree that President O and his group should be looking more into what and why it happened and by whom. Also why does it seem to be continuing in the same path with NO END in sight?

Maureen of MI 12:42AM February 20, 2009

I think a lot of money managers and would be money managers are using this time of crisis to pad their own pockets and to hell with the people who are looking to retire. I am 65 and will turn 66 this year I've just added 5 more years of working to my agenda. In a period of joblessness, when the retirees can't retire, what happens to the younger people who need jobs? I say full disclosure of all fees and make the money managers responsible for their bad decicions. They don't care about us. Last night we heard about another one where people lost their money. I could say a lot more but I'll shut up now.

Alice Kaupp of OR 1:43PM February 19, 2009

I started mine late. I am 53 years old. I started it 7 years ago. I had $5,000 in it now half is gone. I have heard horror stories of people that invested alot more. I don't see where these are worth it at all. I can't make up that money. For us poor people there is just no way to have a nest egg. Something always happens and it is gone. I just had knee replacement surgery.My plan was to work to 65 or 70 but who knows if I will be able to. I will not be able to feel good about retiring. This year by itself has taken everything away, savings etc. Who wants to worry about retiring? I don't know where I will be. I don't own a house.

Kathy of NY 2:08PM February 17, 2009

The Harkin-Kohl bill is a weak shadow of the real thing, the one proposed by George Miller (D-CA) in 2008. THAT one, HB 3185, requires full transparency of ALL FEES, the option to invest an INDEX fund, and a specific method for measuring performance against other plans. Congress should settle for nothing less.
These harsh economic times should FINALLY expose the wanton deceit, theft and fraud by Wall Street's Fidelity, T. Rowe Price, Merrill Lynch, Pru, State Street Global, etc. by subtly taking many slices in hidden fees from the accounts of the Main Street working class.
President O and his new, responsible government should aggressively seek to recover stolen sums from the working class and take the Johnson Family (owners of Fidelity) entire family wealth to repay their fraud to those on Main Street who earned and saved their money. It is time for a day of reckoning for the crooks on Wall Street.

Davis Jackson of NY 9:02AM February 13, 2009

The recent meltdown will remind most of us that "professional" money managers may not be worth "professional-grade" fees. Not too many of them sold all the stocks in early-mid-2008 and bought 100% long-term treasuries instead---the correct call for clients in that year.
Fact is, most "managers" run in herds too, and haven't the faintest idea what's next in the big trends.

Muser of NM 12:50PM February 12, 2009

The recent meltdown will remind most of us that "professional" money managers may not be worth "professional-grade" fees. Not too many of them sold all the stocks in early-mid-2008 and bought 100% long-term treasuries instead---the correct call for clients in that year.
Fact is, most "managers" run in herds too, and haven't the faintest idea what's next in the big trends.

Muser of NM 12:50PM February 12, 2009