Here´s something to chew on with your morning coffee:
It´s not often you can cheer the actions of Congress, so I´ll leap at the opportunity that fell in my lap this morning: Reuters reports that two senators have introduced legislation that would ban 401(k) debit cards. Covered in the Dec. `07 EBN, these cards essentially allow 401(k) participants to use their retirement accounts to buy shoes, their morning bagel, get their oil changed, whatever. (Our coverage also reveals that 401(k) loans and withdrawals are rising) Although some of the experts we spoke to at the time weren´t fazed, EBN staff and other sources for the story were appropriately aghast.
