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The American Retirement System Needs a Plumber
Bloomberg Link to more items from this source
[Opinion]
Oct. 9, 2015
"Everything is built so the pipes don't connect.... It took visits to three websites and two phone calls -- which were only answered during business hours -- before a letter and check were mailed from the 401(k) plan. Yes, that's a paper letter and check, sent through the U.S. Postal Service. Then, when the money finally arrived at the IRA provider, it took two more calls, totaling 23 minutes, before the firm was able to invest my money. The whole process took two full weeks, which happened to be an unlucky time to have my money out of the stock market. I missed a 6 percent rise in the Standard & Poor's 500 index and a 10 percent jump in emerging markets."

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