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Soon the largest cohort of workers in U.S. history will be eligible to retire. Most will have only their personal saving and a lump-sum benefit from a 401(k) plan to supplement Social Security benefits during retirement. The proceeds of these 401(k) and IRA benefits represent the largest amount of money these individuals have ever managed, and the challenges and hazards they face are enormous. This chapter evaluates the regulatory and enforcement structures in place to protect individuals from financial loss through the insolvency, fiscal mismanagement, and/or malfeasance of those who help them manage and invest their retirement distributions.
financial loss, retiree protection, 401(k), social security, financial management
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All opinions, findings, interpretations, and conclusions of this paper represent only the views of the authors and not those of the Wharton School or the Pension Research Council. © 2007 Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.
The authors thank Joseph J. Shelton for his invaluable assistance in the research and preparation of this paper.
Date Posted: 17 December 2019