The Scheme to Scramble Your Nest Egg

The Employee Retirement Income Security Act of 1974 established minimum standards for private-sector retirement plans.

Most 401(k) retirement plans feature a default “plain vanilla” option, with a mix of publicly traded stocks and bonds.

But not everyone is happy with this approach, particularly the financiers in the private equity and cryptocurrency industries who want to get their hands on the $12 trillion stuffed into worker retirement funds.

In late May , the DOL repealed Biden -era guidance dissuading fiduciaries from including crypto investments in employer-sponsored benefit plans.

The previous guidance warned plan sponsors that offering such investments could be met with regulatory scrutiny.

Except for the wealthiest, most Americans do not have enough money to retire on by the time they reach the end of their working lives.

Failing to address America ’s retirement crisis with real solutions will cause generational consequences, Ghilarducci said.

Ultimately, it will mean immiseration for older people, including forcing more onto the street.

The GENIUS Act , which would sanction stablecoins and allow Big Tech firms to issue their own cryptocurrencies, appears crafted to provide an implicit bailout to these issuers if they become insolvent.