We’re facing more lawsuits and charges than John Gotti and Puff Daddy combined. And now, state regulators are digging deeper according to NBC. This is quickly turning into ‘death by a thousand cuts'
https://www.nbcnews.com/video/rhode-island-retirement-plan-prevents-many-state-workers-from-accessing-contributions-247724101790
@dj they must have inside carnal knowledge perhaps they used to work for Combs enterprises.
@dj It's right out of the Nationwide Retirement, IAFF, and union playbook. Page 9.
Trum$p was right about one thing. NBC Sucks and is biased. TIAA should sue the fuck of NBC over this.
@ba 100% accurate. Refreshing to see someone actually knows the dynamics of this.
@c4 technically, SOME of it is their money. If they are forced to contribute a % of their salary into a retirement system it’s theirs. Doesn’t mean they have unfettered access to it but their contributions are theirs Liz
As much as it pains me to say, this is 100% on the State of RI. They can’t run their own retirement system well so they have to outsource it. Can we question RI and their choice in choosing TIAA? Sure. But even if RI would have chosen another provider, the result would be the same for these participants - locked up $$$ since that’s the RI mandate.
"It's my money". How many times have we heard that, from financially-uninformed customers, who think their retirement accounts are the same as bank accounts? They are fine with the advantages of employer contributions and tax-deferred growth, but apparently believe that should also come with unfettered access at all times. They may know law enforcement, but these two should have never been interviewed for a retirement news piece.
Rhode Island decided the terms of their retirement plan, which doesn't allow withdrawals to pay college tuition and start a business. TIAA is the provider, which doesn't make TIAA a gangster.
The report from NBC is bias and misses the mark. The fact is that the 401(a) plan with Rhode Island has many low cost options from Vanguard and State Street. It's not TIAA's fault. Also, accessing 401(a) funds is difficult but not impossible. Remember, it replaces the DB plan and those can't be accessed in service. The two clowns that they interviewed in the segment are Public Safety and they are coached by their unions, many by Nationwide, to b$tch moan and complain. NBC's report is slanted and bias. If you want to blame anyone, blame the IRS and the Congress for the 401(a) rules and blame the State of Rhode Island for having such as schi$$ty state.