Alleged fraud drains Abbott retiree's 401(k); plan's administrator facing federal probe into unauthorized distributions
When Heide Bartnett went to the mailbox in January 2019 and opened up her 401(k) statement, she expected to see a robust balance accrued after 10 years as a nutritional products saleswoman with Abbott Laboratories.Instead, the retiree from Darien, Ill., said she saw lines of zeros and an unauthorized $245,000 withdrawal. Bartnett’s primary retirement savings had been nearly drained, she said.“I was just in complete shock when I got the notice in the mail,” said Bartnett, 59. “I was very surprised and all I thought is this must be a mistake — this can’t be.”Set up through employers and often ad...
How the coronavirus stimulus package can help retirees and savers
The House gave final passage Friday to a massive $2.2 trillion stimulus package intended to help businesses and workers cope with the economic impacts of the coronavirus pandemic.But goodies for Americans saving for retirement, and those already retired, are also tucked inside.“The bill is complex, so check with a tax specialist or accountant before making any big moves,” said Mitch Gerstein, a CPA with Isdaner & Co. in Bala Cynwyd, Pa. “But the idea is to put money into people’s hands as fast as possible.”Here’s what you need to know.Usually, retirees must take out a minimum lump sum every ye...
The Philadelphia Inquirer
Susan Tompor: Cut yourself a break. Don't look at your 401(k)
Not dwelling on the gruesome losses on Wall Street. Not looking at your 401(k) every other minute.The old adages grew much harder to follow in March as we watched the Dow plunge by more than 30% from the records set just a month ago.The pocketbook realities of COVID-19 have hit us everywhere from our workplaces to our 401(k) plans.One reader in West Bloomfield, Mich., emailed me confidentially: “I’m not selling, buying or checking my account. Not much I can do to change what happens now.”We’re looking at loss all around us. Loss of savings. Loss of jobs. Loss of lives.So, maybe, not looking at...
Detroit Free Press