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The Next 401(k) Scandal

  • Accountant
  • CFP (US)
  • CPA (US)
  • CVA
  • CFA
  • TEP
  • ChFC
  • CSA
  • CPFA
  • FSCP
  • CASL
  • ChSNC
  • RICP
  • WMCP
  • CIPM
  • CWS

Published: March, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description


  • Where's the money?
    2 mins
  • Risk has different meaning for different ages
    8 mins
  • TSP group defends near the target date
    18 mins
  • The optimal post-retirement path is rising: Extending the path to "Through"
    27 mins
  • It really is different this time
    36 mins

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 Finance 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 out actions that baby boomers should take to protect themselves 

Recommended For

  • This Finance CPE course is recommended for CPAs, CFAs, CMAs, PFS, CVAs, CSAs, and Other Finance Professionals advising clients on financial planning matters.

Who Should Attend?

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

Course Qualification

Webinar Qualifies For

  • 1 CPE Credit of Finance for Certified Public Accountants (CPA-US)
  • 1 CPE Credit of Finance for Certified Valuation Analyst (CVA)
  • 1 PL Credit of Alternative Investments for Chartered Financial Analyst (CFA)
  • 1 CE Credit of Financial aspects of estate and retirement planning for Certified Senior Advisor (CSA)
  • 1 CPE Credit of Finance for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 1 CE Credit of Retirement Savings and Income Planning for Certified Financial Planner (US) (Approval No. 300799)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit of Finance for Accountant/Bookkeeper/Tax Professionals
  • 1 CE Credit for Certified Plan Fiduciary Advisor (CPFA)
  • 1 PL Credit of Retirement Planning for Certificate In Investment Performance Measurement (CIPM)
  • 1 CPE Credit of Retirement Planning for Chartered Financial Consultant (ChFC)
  • 1 CPE Credit of Retirement Planning for Financial Services Certified Professional (FSCP)
  • 1 CPE Credit of Retirement Planning for Chartered Advisor in Senior Living (CASL)
  • 1 CPE Credit of Retirement Planning for Chartered Special Needs Consultant (ChSNC)
  • 1 CPE Credit of Retirement Planning for Retirement Income Certified Professional (RICP)
  • 1 CPE Credit of Retirement Planning for Wealth Management Certified Professional (WMCP)
  • 1 CPD Credit for Trust and Estate Practitioners (TEP)
  • 1 CPD Credit of Retirement and Financial Independence Planning for Personal Financial Specialist (PFS)

Additional details

  • Course Level :
  • Credits :
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
  • Advance Preparation :


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About Presenter

Ronald Surz

President, Target Date Solutions

Ronald J. Surz is president of PPCA Inc. and its division, Target Date Solutions. He is a pension consulting veteran, having started with A.G. Becker in the 1970's. Ron earned an MBA in Finance at the University of Chicago and an MS in Applied Mathematics at the University of Illinois.

He has published regularly in such publications as The Journal of Wealth Management, The Journal of Investing, Journal of Portfolio Management, Pensions & Investments, Senior Consultant, HorsesMouth and the IMCA® Monitor, as well as contributed to and edited several books. Ron's most recent book is Fiduciary Handbook for Understanding and Selecting Target Date Funds: It's All About the Beneficiaries. Ron has served as a member of the following boards and councils:

  • City of San Clemente Finance Committee
  • Investor/Consultant Subcommittee of the Global Investment Performance Standards (GIPS) Executive Committee, established by the CFA Institute
  • Investment Management Consultants Association® (IMCA®) Board of Directors
  • IMCA® Monitor (newsletter) Editorial Board
  • IMCA® Standards of Practice Board Chair
  • Cainsoft Advisory Board
  • Advisory Board
  • Association for Investment Management & Research (AIMR) After-Tax Subcommittee
  • Risk-Controlled Growth (RCG) fund-of-hedge-funds Investment Committee
  • Sortino Investment Advisors Advisory Board
  • Capital Market Consultants Advisory Board
  • President of the Southern California Chapter of IMCA®
  • Rockwater Hedge LLC Advisory Board

About Company

Target Date Solutions

The Baby Boomer Investing Show is live streaming on YouTube and LinkedIn every other Tuesday. Google it please


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Ratings and Review


440 Ratings



Very Good









Steven Blake, CPA (US)

Aug 26th, 2021

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.


Diana Lamoree

May 4th, 2022

Good content. Appreciate the different point of view from some of my colleagues.


Pam Rossi, CPA (US)

Jun 9th, 2022

It really made me think about my personal 401K. Very interesting!


David Frankel, Accountant, CPA (US)

Aug 26th, 2021

The content was a bit scary, but very interesting.


Constance Byers, CPA (US)

Aug 27th, 2021

Very interesting perspective on the topic


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