Senator Elizabeth Warren (D-MA) did good work with her writing on behalf of financial consumers, driving creation of the Consumer Financial Protection Bureau (CFPB).
But lately, you have to wonder if she hasn’t jumped the shark.
In July, Warren teamed with Steve Daines (R-MT) to introduce legislation called The Retirement Savings Lost and Found Act of 2016 (S. 3078). The law aims to address an obscure retirement planning problem that almost nobody complains about – namely: 1) a participant leaves a job with a 401(k) balance of $5,000 or less in a 401(k); 2) the employer chooses to “force out” the participant by transferring the balance to a Traditional IRA with a default investment choice; and 3) the IRA suffers from neglect and performs poorly. Apparently, some people forget they own these IRAs!
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