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  • Yelm Resident Is Boatswain On USS Zumwalt

    FosterA 1997 Yelm High School graduate and Yelm, Wash. native is serving aboard one of the U.S. Navy’s newest and most advanced ships, the destroyer Zumwalt (DDG 1000), which is currently under construction at Bath Iron Works in Bath, Maine. Chief… Read More +

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  • 1 Killed In Collision With Patrol Car Near Ephrata

    DEPUTY-TRUCKThe Washington State Patrol is investigating a vehicle collision that killed a 22-year-old woman and injured a Grant County sheriff's deputy. The crash involving the two drivers happened Saturday morning about 8 miles south of Ephrata, Washington. The patrol says 22-year-old… Read More +

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  • Marisnick's Homer Leads Astros Over Seattle 8-3

    marinersbaseballSeattle's playoff hopes took another hit, as Jake Marisnick had a three-run homer for the second straight game and Alex Presley drove in two runs to lead the Houston Astros to an 8-3 win over the Mariners on Sunday. Houston took two of three from the Mariners, who entered the day 1/2 game back for the second AL wild card.

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Top CEO Rails Against 401(k) Programs

b_250_0_16777215_00_images_obgrabber_2013-11_28cd228107.jpgiStock/Thinkstock (NEW YORK) -- More than 50 million Americans have 401(k) retirement plans. That's the good news, according to Charles Schwab Chief Executive Walter Bettinger. The bad news is that the median 401(k) balance is barely over $40,000, hardly enough to retire on. Bettinger told the National Press Club Monday that he's angry with the 401(k) system making it too expensive for Americans to save money for their golden years.

 

Not only should overall fees be lowered to make building a 401(k) plan more affordable, but Bettinger says that 401(k) programs should also go the extra mile and provide people with a money manager.

The CEO explained, "Research we've done on plans at Schwab show that employees working with an independent professional double their savings rates and set up a far superior investment allocation."

Copyright 2013 ABC News Radio

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