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Making Retirement Saving More Expensive

By Cathy Moran

retirement regulationCongress has taken the first step to bar states from sponsoring inexpensive retirement plans for employees.

In the name of cutting regulation, H.J. Res. 66 repeals a regulation allowing states to promote retirement savings with plans of their own devising.

The regulation doesn’t require anyone to do anything.  It allows states to experiment with low cost, opt out retirement plans.

Americans are frighteningly unprepared for their old age.  Half of American families have no retirement savings.  The median retirement savings is $5000.

And the first thing the House of Representatives can think to do in the name of reducing regulation is stop states from offering lower cost retirement plans for employees?

Oh, wait.

Those who currently sell and manage higher cost retirement vehicles are thereby protected from competition.

I thought competition was good.

I thought states as laboratories for governance was a good.

But then, I thought Congress was focused on the good of the country.

Silly me.

Let’s see who the Senate lines up with.

 

 

 

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Filed Under: Featured, Newsworthy Tagged With: 2017

About Cathy Moran

I'm a veteran bankruptcy lawyer and consumer advocate in California's Silicon Valley. I write, teach, and speak in the hopes of expanding understanding of how bankruptcy can make life better in a family's future.

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About The Soapbox

You've arrived at the Bankruptcy Soapbox, a resource of bankruptcy information and consumer law.

Soapbox is a companion site to Bankruptcy in Brief, where I try to be largely explanatory and even handed (Note I said "try").

Here, I allow myself to tell stories and express strong opinions on how I think law should work for the consumer and small businesses when it comes to debt.

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