The Declines of 401(k) Matching and Mr. Ponzi
I will be posting something tonight or tomorrow about yesterday’s volunteer tax preparer experiences. One client visit was probably once-in-a-lifetime (for me) unique so I want to take a little more time to think and write about it.
Meanwhile, I learned this morning of yet more employers eliminating their 401(k) matching contributions. For any readers who might be facing that, let me first say that I am sorry. Second, I put down some thoughts I had about that issue last December over on my Go To Retirement blog. If you want to read it, the article is What if Your Employer Stops Matching 401(k) Contributions?
I also heard on the news that Bernie Madoff will be entering a guilty plea sometime today. This may be very interesting stuff. When you enter a guilty plea in a U.S. District Court, the accused is required to “allocute” which is a legal term for “explaining what I did.” Madoff will have to state in open court all of the facts necessary to establish that he indeed commit a crime and that he knows what he is pleading guilty to. I hope the Judge pushes him hard on the details of the allocution. It is not often that we get to here about a Ponzi scheme of this magnitude straight from the Ponzi-master himself. If you can find a transcript of the allocution online, let me know because I want to read it.
UPDATE: Here is a copy of Madoff’s allocution statement that he read in Court today.
Please check back later if you want to read about yesterday’s experiences at the Tax-Aide office.