AimPoint Pension
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Loan & Distribution Specialist AimPoint Pension
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Bates & Company, Inc.
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Compass
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Regional Vice President of Sales The Retirement Plan Company
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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The Anti-401(k) Agenda Continues
Brian Graff, on NAPA Net [Opinion] Feb. 19, 2013
"Myth #1: 401(k) Plans Only Benefit the Wealthy -- [Response:] Eighty percent of 401(k) participants make less than $100,000 per year, and almost 40% of 401(k) participants make less than $50,000. That translates to almost 50 million not-so-wealthy working Americans who benefit from 401(k) plans.... Myth #2: Only Half of American Workers Have Access to a Retirement Plan -- [Response:] The fact is that 8 out of 10 full-time workers are eligible for some kind of workplace retirement plan, the most common of which is by far a 401(k)-style plan.... Myth #3: 401(k) Plans Have Produced Meager Savings -- [Response:] [T]he Employee Benefit Research Institute found that people between 55 and 64 with 30 years in the same plan had an average account balance of more than $250,000. Myth #4: The Tax Incentive for 401(k) Plans is Expensive -- [Response:] When the money comes out of the plan it is subject to tax, and the U.S. Treasury gets substantially paid back. In reality, the true present value cost of the tax incentives for retirement is only about half of what these critics say they are."
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