Ruined by 401[k] Predators - Yahoo! News

Ruined by 401[k] Predators - Yahoo! News:
"Ruined by 401[k] Predators By Mara Der Hovanesian
Thu Jul 3, 8:08 AM ET

Stan Morrill was confident his nestegg would provide for him and his wife for the rest of their lives. After all, the Eastman Kodak (NYSE:EK - News) veteran, a factory worker for 31 years, had attended the free financial seminar recommended to him by co-workers. Morrill says the host, Michael J. Kazacos, one of Morgan Stanley's (NYSE:MS - News) top brokers, dazzled him with a plan that would let him retire at 49. Morrill just had to roll over his pension and 401(k) into a tax-deferred account managed by Kazacos. After that, he could safely withdraw $36,000 a year -- plenty to cover his bills -- without ever touching the $320,745 principal. 'I saw no reason why I should stay and work,' says Morrill, who signed on in 1998."