At a recent conference, retirement experts concluded that the lack of an easy drawdown mechanism in 401(k) plans was the major challenge facing the 401(k) system. In 2014, the Treasury Department and the IRS issued guidance that made longevity annuities accessible to 401(k) plans and that enabled target date funds to include annuity contracts either as a default or as a regular investment option. But individual plan sponsors feel under siege by lawsuits and see little payoff to being innovative. At the same time, Congress is unlikely to mandate that annuities be a part of 401(k) arrangements. So we are at a standstill. Millions of Americans — having been told that their retirement plans are automatic
Shares of Amazon have come a long way since the company's 1997 initial public offering. Since then, Amazon shares have sky rocketed 48,197% from their May 15, 1997 debut of $18 a share. Before Amazon was the "Everything Store" it was an online book store
Tesla Inc. is scheduled to report first-quarter results after the market close on Wednesday, with Wall Street expecting a quarterly loss for the Silicon Valley car maker. Tesla stock (TSLA) is fresh from a string of record highs in April and has traded around $300 for the better part of two weeks. Many on Wall Street took it as a sign Tesla had worked out some of its manufacturing kinks and was on track to start producing the first few Model 3 sedans in July, as promised.