June 9, 2018
Securities and Exchange Commission
To the and Exchange Commission,
When I worked at a NJ hospital my 403B was invested with Mutual Benefit Life. This company went bankrupt and had to be bailed out by the State of NJ. We found out afterwards that the investments were not appropriate for retirement accounts. The directors also paid themselves bonuses as the company was failing.
This esperience plus the second ripoff when the company was sold, had taught me that we need strong protections for retirement accounts. I am now 76 and withdrawing my savings. I recognize that I need advice, but wish there were more protections in place.
I thought the fiduciary rule of the Labor Department was an important step in this direction. Since it is not in effect, I hope the SEC will develope clear rules that guide the relationship. When people are ripped off, there should be recourse!
I'm counting on you to make a stronger rule that closes the loophole.
Americans who've worked hard to save for retirement deserve peace of mind about their financial security.
Sincerely,Mrs. Duressa Pujat