Posted on Nov 29, 2022
Biden wants your retirement savings to go woke. Here are 3 ways to protect yourself
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This is frightening. Article Quote: "Under the new regulation, a retirement account fund manager or employer must continue to pledge to prioritize the interests of retirees, a longstanding requirement, but fiduciaries will now also be allowed to include factors like climate change and other ESG considerations in their analyses and decision-making processes."
I can't believe an Administration can write a regulation that permits employers to make an ESG fund the default option or allows investment fiduciaries, including 401(k) plan managers to pitch ESG Funds. This doesn't seem legal to me, but then almost nothing this Administration does seems legal to me. MHO
How can you protect yourself?
I can't believe an Administration can write a regulation that permits employers to make an ESG fund the default option or allows investment fiduciaries, including 401(k) plan managers to pitch ESG Funds. This doesn't seem legal to me, but then almost nothing this Administration does seems legal to me. MHO
How can you protect yourself?
Biden wants your retirement savings to go woke. Here are 3 ways to protect yourself
Posted from foxnews.com
Joe Biden
Regulation
Investment Management
Retirement
Issues
Posted >1 y ago
Responses: 3
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SFC (Join to see)
We (the Boss Lady and me) are scheduled to see our financial advisor before the new year. I'll be asking about this.
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Sgt Jim Belanus
401k is a good program except it allowed co. to get rid of their pension plans. I feel for those retiring in the next 20years with no pension and relying on the whims of wall street. It is already affecting the co I worked for. You would work there for 30 years and receive a decent pension, now every co. in the country is recruiting and any of them offering more than you are getting is gaining the employee. My former co. can't figure out why they are losing people. Time to rethink the pension to go with the 401k.
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SFC (Join to see)
Sgt Jim Belanus - A pension is a good perk, that's for sure. A company needs to be big enough to be able to absorb the costs if the stock market goes south. If the company goes out of business, that doesn't do anyone any good either.
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For probably the last 30 years, employees seldom stay with one company longer than five years, with some exceptions based on the industry, and not counting the military or government, so pensions are almost obsolete. I'm thinking 401k accounts are ok if a person is constantly rolling them over every 3 to 5 years because they're changing employers. I've said this before, if the government is trying to come up with "improved" options for money, you can bet it will benefit the government, not you.
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SFC (Join to see)
I believe you are right. Typically, government likes to take more of our money or steer it to their friends.
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I doubt this will be an issue with my fee only broker. If I lose money, they lose money.
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SFC (Join to see)
As it should be. I have little in my IRA, that's a tradeoff for being a civil servant most of my life. We make less than half than what we could in the civilian world, but we have a pension.
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Sgt Jim Belanus
I'm surprised there are still civil service, everything up here that has anything to do with the gov is done by private contractor except for the border and post office
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SFC (Join to see)
Sgt Jim Belanus - I worked in PennDOT and PADEP-BAMR, basically transportation and the environment.
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