Thought I would do a little shameless promotion of my recent venture. For any small/ medium sized business owners out there looking for a fully bundled solution as it relates to your 401k needs check out www.prosperretirement.com. There is a tidal wave of legislation happening at the state levels and it's going to create forced mandates requiring you to offer either the states AutoIRA solution or purchase a program in the private market like a 401k across all the US in the not too distant future. Happy to share more offline if you have interest in knowing more but you can learn more about theses state mandates under the mandates tab on my website.

Gig em.
Chris Money
'00

Username and real name check out

Tidal wave of legislation happening mandating 401k/retirement accounts..? Government has an underlying end game as it relates to these funds. Makes me nervous about all 401k, IRA, and I've already kissed the idea of having SS funds available when I retire. Plan to pull out my IRA investments within next 5 years or so and put them into real estate deals.

Uncle Eddie taught you well.

MS08 said:

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Tidal wave of legislation happening mandating 401k/retirement accounts..? Government has an underlying end game as it relates to these funds. Makes me nervous about all 401k, IRA, and I've already kissed the idea of having SS funds available when I retire. Plan to pull out my IRA investments within next 5 years or so and put them into real estate deals.

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No SS funds available? Can't the do what they always have done and print money?

.... means-testing?

Ag CPA said:

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Uncle Eddie taught you well.

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Always loved that guy. Few words but articulate when it mattered.

one safe place said:

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MS08 said:

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Tidal wave of legislation happening mandating 401k/retirement accounts..? Government has an underlying end game as it relates to these funds. Makes me nervous about all 401k, IRA, and I've already kissed the idea of having SS funds available when I retire. Plan to pull out my IRA investments within next 5 years or so and put them into real estate deals.

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No SS funds available? Can't the do what they always have done and print money?

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Thought we would be BTC by that time.

Yep. State governments way of of creating an additional revenue stream though, and it started in the states that are some of the most poorly run.

State level legislation…not federal level until 2/3rds of the states enact..so more of a rev play for local gov in my opinion because money goes in post tax in a Roth in most instances

cmoney00 said:

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Yep. State governments way of of creating an additional revenue stream though, and it started in the states that are some of the most poorly run.

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So I am sure it's Illinois, California, Pennsylvania, Arizona, etc. - ones run by Dems?

Aggie369 said:

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Username and real name check out

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Thats funny,

See Money 0 has been the theme of my 401k this past year.

cmoney00 said:

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State level legislation…not federal level until 2/3rds of the states enact..so more of a rev play for local gov in my opinion because money goes in post tax in a Roth in most instances

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Yeah…that's not exactly how laws typically get passed but it's beside the point.

You sound super smart! Good luck!
Hi.

True, but you get the point. This happens to be one of the few topics both sides of the aisle seem to agree on so you will see more than 34 states pass this law…42 have enacted meaning that it in all likelihood will be passed into federal law.

You are my idol Ron.

cmoney00 said:

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True, but you get the point. This happens to be one of the few topics both sides of the aisle seem to agree on so you will see more than 34 states pass this law…42 have enactedmeaning that it in all likelihood will be passed into federal law.

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42 have enacted what?

A total of 42 states already have laws or have proposed laws for a workplace savings program. Here is a resource for you if you have interest.

https://www.prosperretirement.com/state-mandates

cmoney00 said:

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A total of 42 states already have laws or have proposed laws for a workplace savings program. Here is a resource for you if you have interest.

https://www.prosperretirement.com/state-mandates

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Not to derail your thread but "enacted" means that it's already been made law. That's why I asked what I asked.

14 states (not 42) have enacted these kinds of programs, while 28 states have either discussed it or considered it at one point. Granted I don't know what's going on in every state legislature, but I'm of the opinion this is pretty far from being mandated nation wide. Lots of things are discussed and kicked around every year and not passed.

Good luck with the business! Hope you guys knock it out of the park.

Enacted, enacting …you are hung up on the vernacular. The point is things are moving that way.

To enact could be to propose…just sayin.

Thanks for the well wishes.

Words have meaning. 14 states have "enacted" these types of requirements (all blue states if I'm not mistaken). 28 states have kicked it around or discussed it but most are no where near passing it (many/most of them very red states). None of that points to it being a federal requirement since all 50 states could pass state laws requiring it and it still not fall under any federal requirement.

I commend you for pumping up your business and making it sound like this requirement is creeping around the corner for most of us, but from those inside the industry (especially here in Texas) this isn't on much of anyone's radar.

Like most Edward Jones folks you are behind the game. Perfect example is your broker dealers shift to fee based advising….Edward Jones was the last to act. If I am not mistaken they wouldn't even give you access to email until well after the year 2010. Words have meaning but you are living in lala land if you don't think this will happen

Not Edward Jones and never have been.

Good luck on your business!

Pfft… Bitcoin makes all of this irrelevant but carry on.

Soo, you've got some secret knowledge no one else is acting on. You created a business that is perfectly situated to take advantage of this. And when someone in the industry questions you on it, you hit them with ad hominem attacks.

Sign me up for this snake oil!

Perhaps a little aggressive of a response to Stive however not inaccurate on the generalization of the industry. Many prominent advisors that I respect never saw the shift to fee based advising until fee disclosure legislation laws went into effect in 2012 and that was in the works years beforehand.

As for what's happening at the state level, agree with Stive that Texas will be one the very last to adopt.

As for what's happening at the federal level, you don't have to look very hard. On March 28th, the House passed the Secure Act 2.0 415-5. I expect the Senate will now pass most of what was in that bill very soon. Lots of red in that vote and maybe why I so vehemently disagree with Stive. I'm in the industry and I would say many see it my way but that's the beauty about having freedom of thought.

As for doing something that is not currently being done in the industry, while I would like to think so…. there are many players that have emerged in the space…

https://www.cnbc.com/amp/2023/01/15/state-run-auto-ira-programs-continue-growing-as-more-options-launch.html