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The Next 401(k) Scandal

  • CMA
  • CPA (US)
  • CVA
  • CFA
  • CPA/PFS
  • CSA
401k Scandal live CPE webinar

1 Credit

FREE

Subject Area

Finance

Webinar Qualifies For

1 CPE credit of Finance for all CPAs

1 CPE credit for Certified Management Accountants (CMA)

1 PL credit for Chartered Financial Analyst (CFAs)

1 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

1 CPD credit (Verifiable) for CPA/PFS

1 CE credit for Certified Senior Advisor (CSA)

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Course Description

Most are familiar with the excessive fee scandal in 401(k) plans, as documented in books like David Loeper’s Stop the 401(k) Rip-Off (Bridgeway Books, 2007), and the PBS television exposes’ The Retirement Gamble, aired April 23, 2013. This scandal took years to be addressed. Books and videos did not work but lawsuits did -- sticks work, but not carrots. There’s another 401(k) scandal that has emerged in the past decade, compounding the widely publicized excessive fee disgrace.

This new scandal is not well documented…yet.  Target date funds have rapidly attracted $3 Trillion despite their iniquity. Class-action lawsuits are on the horizon for excessive risk in Qualified Default Investment Alternatives (QDIAs), specifically target-date funds and balanced accounts, when the next market correction occurs as is likely sometime in this decade.

By contrast, fiduciaries are responsible for choosing the best products for their dependents, which includes appropriate fees and meaningful risk management. The excessive fee scandal is being resolved in court and has resulted in required fee disclosures under DOL rule 408(b)2.

Major topics covered in this online CPE course:

  • Why Baby Boomers will be the victims
  • How congressional inquiry identifies the scandal
  • Why wall street is NOT interested in baby boomer well-being. It's interested in their $60 trillion


Baby boomers are in the crosshairs of an irrecoverable disaster in the next market correction, a correction that many believe will happen in this decade. Even if the outlook were rosy, baby boomers in the Risk Zone should be protecting their life savings.

Learning Objectives

  • To determine the Risk Zone and Sequence of Return Risk
  • To recognize the risk in QDIAs for those near retirement.
  • To distinguish between procedural prudence and substantive prudence
  • To list actions that baby boomers should take to protect themselves 

Who Should Attend?

  • Accountant
  • Assistant Controllers
  • Business Owner
  • CEO
  • Certified Public Accountant
  • Certified Senior Advisor
  • Certified Valuation Analysts
  • CFO/Controller
  • CPA (Industry)
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Finance Pros
  • Financial Planner
  • Finanical Analyst
  • Personal Financial Specialist
  • Senior Accountant
  • Wealth Management Advisor
  • Wealth Planner
  • Young CPA

Testimonial

Array
(
    [average] => 4.4800
    [no_of_record] => 75
)
 

4.5

(75)
59%
33%
5%
3%
0%

MS

Great

CB

Very interesting perspective on the topic

DF

The content was a bit scary, but very interesting.

MY

N/A

SB

Very interesting presentation, and very logical. You can see where these problems/issues are coming from, and I believe that they are truly problems. I will review, since I do have some of these funds. Thank you for a very good presentation.

PWF

The program was more of a meander than the scandal it promised. I regret that I cannot give the presenter a passing grade. He is not pleasant to listen to. Nonetheless, I thank my-cpe yet again for making so many great choices available for all my CPE needs. Most all of the topics are interesting, and the riddles keep getting better!