Conflicts of interest abound for advice providers offering recommendations to retirement savers, but many disclosures intended to flag them are hard for 401(k) and IRA participants to understand, the Government Accountability Office said in a new report.
Oversight of the financial companies and professionals who serve individual retirement accounts is lacking important protections for participants, relying on the advice providers to self-report and pay applicable excise taxes, according to the report released Wednesday.
The IRS should take steps to identify certain prohibited transactions between individual retirement account holders and financial professionals and to assess associated excise taxes, the GAO said. ...
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