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New 401k Statement Rules Coming Soon

Eddie Kramer
Mike Switzer/SC Public Radio
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In case you haven’t heard, changes are coming to your 401k statements.  It’s taken ten years since this idea was first presented, but beginning next year the US Department of Labor will require your 401k administrator to not only show you your account balance but also what it could generate in monthly income.

Mike Switzer interviews Eddie Kramer, a certified financial planner with Abacus Planning Group in Columbia, SC.

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After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.