Time to change 401(k) rules

September 2008
Las Vegas Business Press (10712186);9/15/2008, Vol. 25 Issue 37, pP28
The author argues that changes on mandatory withdrawals for people with 401(k) and traditional individual retirement accounts (IRA) are needed. The author cites the case of Bobby Brown, a 78-year-old retired telephone worker in Fort Worth, Texas who is forced to withdraw his money out of his IRA account due to IRA-mandated rules. He cites two changes that must be implemented: first, rule makers need to re-examine the minimum age for withdrawals and second, the penalties imposed by the U.S. Internal Revenue Service (IRS).


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