401(K)

Oklahoma Guts Pension Plans to Pay for Oil and Gas Industry Tax Cuts

Oklahoma Guts Pension Plans to Pay for Oil and Gas Industry Tax Cuts
Gov. Mary Fallin has signed into law a bill that ends pensions for new state employees under the Oklahoma Public Employees Retirement System, moving new hires into 401(k)-styled plans that don't offer a guaranteed benefit. The only question now is what's next when it comes to cutting state pension plans in Oklahoma?
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High Bank Fees Flushing Our 401(k) Retirement Accounts Down the Drain

High Bank Fees Flushing Our 401(k) Retirement Accounts Down the Drain
A new study finds that the typical 401(k) fees - adding up to a modest-sounding 1 percent a year - would erase $70,000 from an average worker's account over a four-decade career compared with lower-cost options. To compensate for the higher fees, someone would have to work an extra three years before retiring.
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GOP Senators Introduce Bill to Strip Federal Fire Fighters of Retirement Plan

GOP Senators Introduce Bill to Strip Federal Fire Fighters of Retirement Plan
Three U.S. Senators recently introduced a bill to eliminate defined benefit plans for federal fire fighters and other government employees. Contrary to the bill’s name — the Public-Private Employee Retirement Parity Act — the legislation would clearly do nothing to create parity among public and private retirement systems, forcing federal fire fighters to rely solely on an expensive and unpredictable 401(K)-style system.
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