some people that don’t like retirement plans for one reason or another. Most people feel that their money will not be secure in that particular account, especially with the economy being in the shape it is currently, interest rates are going up and down constantly. My company offered a traditional 401k account that was setup so we couldn’t make any withdrawals unless we had some type of approved hardship. After the economy crashed and my employer allowed us to close out our 401k account, my balance was down to less than $10k. I was devastated by this because this was due to no fault of mine, and most of my money was gone. This week’s objectives were informative. We felt comfortable the concept of how my retirement and pension plan works. It was helpful to hear how other employers’ structure their retirement plans. It appears that no matter the plan that employees are looking for investments that will be there for them when they retire. Every employee wants a little security rather than a what if when they near retirement. The subject we were least comfortable with is the Employee Retirement Income Security Act. We were not aware that there were regulations regarding retirement and the protections it provides. My employer would fall under these regulations and we would be protected so it was nice to have an introduction and exposure to this subject. This will allow me to learn more about it and know what my rights are and what the regulations are.
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Temporary work, Employee Retirement Income, Employee Retirement Income Security