Pension option sparks attack  By JIMMY VIELKIND, Capitol bureau
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Tuesday, June 22, 2010             Reach Vielkind at 454-5081 or
1. Bob says:      What these snake oil salesmen never mention is
that 401k plans were originally developed to supplement existing
retirement plans, especially for high-earners such as top
managers and executives in business and industry. After
regulatory changes made them even more available to the average
employee, corporations dropped the defined-benefit plans and
moved to these defined-contribution plans for the sole reason to
cut expenses (and boost employee investments the their own
company.)      The average amount in current 401k plans is
$67,000. Prospective retirees in the private sector are already
delaying plans for retirement due to the Great Recession and
substantial losses incurred in their retirement investments.
Given the windfall in fees Wall Street will gain from managing
these 401k-like portfolios for pu