One of the reasons people place retirement funds into qualified retirement plans such as an IRA account is that the funds are set aside pre tax. When you’re going through a divorce, these retirement assets will need to be divided, and you’ll want to make sure that a QDRO is included in the agreement to handle these previously untaxed assets. If you divide a retirement account such as an IRA without a qualified domestic relations order, it can be subject now to taxes and even penalties. Read More
by Cathy DeWitt Dunn –
The question as to whether or not the United States Federal Government is looking into taking over private 401K assets has been asked many a time over the last few years. In 2009, The Wall Street Journal ran an op-ed titled “How to Fix 401(k)s“. In this article, it mentions a “radical structural change” for the 401K system.
Not everyone thinks 401(k)s can — or should — be saved. “It’s time for a radical structural change,” says Gene Steuerle, a vice president at the Peter G. Peterson Foundation.
It goes on to say that plans to replace 401Ks would include that the “government would at least partly take over sponsorship of these accounts”. Read More