ABOUT ME (Richard)

I spent thirty-eight years in the field of Qualified Retirement Plans, which is the umbrella term for all Qualified Retirement Plans. These include Defined Benefit Plans, Defined Contribution Plans, Cash Balance Plans and the most prevalent: 401(k) plans.

I started in this business as a rookie at at Phoenix Mutual Life Insurance Company and was eventually promoted to Group Pension Consultant. After four years, I moved on to Monarch Life Insurance Company (it was 35 miles closer to home than the Phoenix) as the Defined Benefit Plan Supervisor.

After three years of crappy pay, I moved on to State Mutual Life Assurance Company for a substantial increase in salary.

Five years later I took a position at a Retirement Consulting firm, affiliated with Massachusetts Mutual Life Insurance Company, as a Manager.  Due to circumstances beyond my control the business was starting to fail. So I then I took a position at the Mass Mutual home office; first as an Account Rep, then as a trainer and ultimately, as a programmer.

Not one of my most brilliant moves because I came to find out that IT departments in corporations are not exactly the favorite of upper management.  You see, we make everything happen, which is soooo important. However, we are not a product line so IT departments are all overhead, no profit; at least that’s how it looks in the accounting ledger.

The CEO decided to cut $50 Million from the IT budget and a bunch of us were lad off.

Ever since I started my career in Qualified Retirement Plans there have been countless times when either people have asked me to explain how their retirement plan works, or, I’ve heard people discussing their plan and getting it wrong. Having a caretaker personality to begin with, I decided to put this website out there in an easy-to-understand document.

My Goal

I want to be able to educate everybody on the following:

  • The various types of Qualified Plans and how they accumulate money for your retirement.
  • How to maximize your investment in a 401(k) plan.
  • What happens if you take a distribution prior to your Normal Retirement Age.
  • How your distributions are taxed.

If you ever need a hand or have any questions, feel free to leave them below and I will be more than happy to help you out.

All the best,

Richard Lombardo

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