How would the Retirement Benefit Account (RBA) hurt retirement savings?
IBM announced they will replace their 401(k)-matching program with a new Retirement Benefit Account (RBA) starting January 1st. Their statement said: “Each employee who’s served at least a year will receive a “monthly account credit” up to the IRS limits and a one-time salary increase, separate from the company’s annual pay plan, to “offset the difference between the current retirement plan and the new credit.” More Lee explains this new Retirement Benefit Account and whether it could hurt retirement savings. Read Ms. Lee’s article here…
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