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Retirement Plan Providers Misleading Savers About IRA Rollovers, Government Report Concludes
CNNMoney
Apr. 3, 2013 "Undercover investigators hired by the GAO called 30 of the largest 401(k) providers to study how the firms market products to 401(k) account holders. Eleven firms encouraged a rollover to an IRA, while 12 raised doubts about the caller's ability to roll over to a new employer's plan and 16 touted IRAs for having more investment options. In addition, 7 incorrectly said that there were no fees to open or maintain an IRA, according to the report. And 5 out of 10 large firms advertised free IRAs on their websites, while scattering fee information among hard-to-find documents." MORE >> |
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