Wednesday, September 12, 2007

Retirement Funds Vanish as Bankruptcies Hit Tax-Deferred Scheme

By Erik Larson

Sept. 11 (Bloomberg) -- Marsha Slotten's bad news came in April by e-mail, from a tipster warning that the company holding her retirement nest egg had collapsed.
After racing in a panic to the office of Southwest Exchange Inc. outside Las Vegas, she found a locked door and a sign saying the staff was ``in training.'' It never reopened.
``I was devastated,'' said Slotten, 58, who said she was forced to cancel early retirement after the disappearance of $2.74 million she made selling a strip mall. ``I thought I knew what I was doing, but now my nest egg, my retirement plan, is gone.''

http://www.bloomberg.com/apps/news?pid=20601109&sid=ary1hm_rkIgU&refer=home

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