Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Obama Talks 401k, Again Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, July 14, 2015

Obama Talks 401k, Again

News summary by MFWire's editors

For the second time in 2015, the President of the United States is talking about 401(k)s.

Yesterday morning at the White House Conference on Aging, President Barack Obama outlined his three-step vision for strengthening Americans' retirement security. Steps one and two (strengthening Social Security for the former, and redefining fiduciary under ERISA for the latter) are nothing new.

Step three, however, is a new point from Obama: new federal regulations, coming soon from the U.S. Department of Labor (DoL), to help state governments that want to require employers to offer retirement plans or even create state retirement plans for small businesses.

Bloomberg, the Huffington Post, the LA Times, and our sister publication 401kWire all reported on Obama's remarks.

In his remarks yesterday, Obama took Congress to task for not addressing the auto-IRA idea (championed by Mark Iwry, a key Obama official in the U.S. Treasury Department, and included in every budget request from Obama since he took office in 2009). He highlighted state efforts "to create new ways for people without a workplace plan to save for retirement."

"We want to do everything we can to encourage more states to take this step," Obama's prepared remarks read. "So I've called on the Department of Labor and Tom Perez [Secretary of Labor] to propose a set of rules by the end of the year to provide a clear path forward for states to create retirement savings programs."

It is perverse that in this country it is just easier to save if you've already got money. And I'm talking about not just the fact that you've got money to save; I'm talking about just the mechanics, the mechanisms of being able to save, and then take advantage of the tax benefits of saving. So if we can just make sure that everybody, even if your employer doesn't provide those mechanisms, you still have a way of accessing it, every dollar you put in, that's going to be a dollar that also then benefits from the same kinds of tax advantages that somebody with a million dollars is able to take advantage of all the time.

And that's just fair. That's only fair. And that's all we're trying to do here, is make sure that if you're working hard out there, even if you're not making goo-gobs of money and don't have fancy financial advisors and all that, that you can still put away a little nest egg so that you're protected when you get older.
 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. MFDF webinar - Lessons Learned from the Regional Bank Volatility and the Impact on Registered Funds, June 18
  2. IMEA webinar - Snapshot on the Talent Landscape, June 18
  3. 2024 MMI National Accounts Roundable, June 18
  4. MMI webinar - RIA Consolidators: The New Key Accounts?, June 20
  5. MFDF Director Discussion Series - Open Forum (Philadelphia), June 20
  6. MMI webinar - DoL Fiduciary Rule Update: What Are the Implications?, June 21
  7. WE Chicago - Pre-Morningstar Conference reception, June 25
  8. Celebrating 100 Years of the Mutual Fund, June 25
  9. New York YPEM Cornhole Classic, June 25
  10. Morningstar Investment Conference Conference 2024, Jun 26-27
  11. 2024 MMI Institutional Roundtable, June 26
  12. WE PNW Seattle - Pickleball and Networking, June 27
  13. Celebrating 100 Years of the Mutual Fund, July 11
  14. MFDF webinar - Mid-Year Tax Update for Registered Investment Companies, July 16
  15. MFDF Director Discussion Series - Open Forum via Zoom, July 17
  16. MFDF Director Discussion Series - Open Forum (New York), July 23
  17. IMEA Portfolio Construction Roundtable, September 19
  18. MFDF Continuing Regulatory Impacts on Fund Boards program, October 15
  19. 2024 MMI Annual Conference, Oct 15-17
  20. IMEA Philanthropic Day, October 22
  21. IMEA Leadership Summit, October 23
  22. IMEA Star Awards Celebration, October 23
  23. IMEA Marketing Summit, October 24
  24. 5th Annual ETFGI Global ETFs Insight Summit, October 29
  25. MFDF Director Discussion Series - Open Forum (Denver), November 6
  26. MFDF webinar - Digital Assets in the Fund Space (part 2 of 2), November 7




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use