Barron's has a recent article about Fidelity's desire to include Bitcoin in their 401(k) plans.
Many challenges lie ahead...
"Bitcoin’s suitability as a 401(k) investment has prompted warnings from the Labor Department, which enforces federal rules for the plans. In March, the DOL cautioned employers against crypto, warning that they 'should expect to be questioned about how they can square their actions with their duties of prudence and loyalty.'”
"Investor-protection groups are lining up against the idea, too.
More than a dozen supported the DOL’s warning in a letter to the agency this past week.
The discussions around cryptos 'overshadow the facts that make them extremely questionable for retirement accounts,' said Dennis Kelleher, CEO of Better Markets, an investor-advocacy group that signed the letter."

DOL will talk with Fido about ERISA,
https://www.coindesk.com/policy/2022/04/29/us-labor-department-has-grave-concerns-about-fidelitys-plan-for-bitcoin-in-401k-retirement-plans-wall-street-journal-reports/

So, will the simple inclusion of bitcoin in retirement accounts serve as the legitimizer of bitcoin itself? Will Fidelity finally be the one to explain the external factors that determine the bitcoin's price and volatility? Is bitcoin contrarian? Hey guys, I just flashed on a question. What do forex traders think of bitcoin?

While I'm interested in whether they will actually be able to pull this off without government intervention, I have a better suggestion for FIDO customers interested in placing some of their retirement in Bitcoin.
Instead of paying a .70 - 1% fee to Fidelity for Bitcoin purchases, there's a much less expensive path already available in Fidelity. Coincidentally, @Old_Joe mentions the way without naming the company above. " Fidelity's first customer "already signed up one employer" ...is the better path.
Just purchase some MSTR stock (at the right time) and you'll have the Bitcoin exposure you want with much lower fees. MSTR is the "Bitcoin Spot ETF" that is already available to all.
You are not able to auto-contribute up to 20% to MSTR unless it's in your 401k plan. This is what is so curious about Fidelity's first 401K Bitcoin customer Microstrategy. Interesting.

The following is an excerpt from ☞ a current NPR article:

NEW YORK — More workers may soon be able to stake some of their 401(k) retirement savings to bitcoin, as cryptocurrencies crack even deeper into the mainstream.
Retirement giant Fidelity said Tuesday that it's launched a way for workers to put some of their 401(k) savings and contributions directly in bitcoin, potentially up to 20%, all from the account's main menu of investment options. Fidelity said it's the first in the industry to allow such investments without having to go through a separate brokerage window, and it's already signed up one employer that will add the offering to its plan later this year.

FD1000
+1
Is the Schmeissing just getting started?
Inquiring minds want to know...

I have a special style. You can see it (here). Since 2013, I have been practicing sell to cash at certain conditions (proprietary). Since retirement in 2018, my selling rules are tighter, I never lost more than 1% from any last top. Going to cash depends on big picture analysis + current conditions and why it's different from others. I missed all the big meltdown of Q4/2018, 03/2020 and YTD. I can be wrong, it happened twice since 2013, I was back within 3-4 days.
Remember, it's more important to miss the worse days than the best(link).
I posted several ideas YTD on other sites:
1) Best wide range category so far in 2022 is VALUE(VTV), posted in mid-January. See (chart). In my world, it means most of the stocks would be in value.
2) I'm in cash for weeks because high risk conditions were met. It's the longest I have been in cash since 2013. Based on that, I only allowed to make short-term (hours to 2-3 days) trades.

“The nation’s largest pension fund is planning to vote for a proposal that would unseat Warren Buffett as chairman of Berkshire Hathaway Inc. The $470 billion California Public Employees’Retirement System, known as Calpers, said in a regulatory filing that it would support a proposal by the National Legal and Policy Center that Berkshire Hathaway’s board chair be independent. That would disqualify Mr. Buffett, who is also the company’s chief executive, from holding both positions. Having the same person hold both roles weakens corporate governance, the National Legal and Policy Center said in the shareholder measure published ahead of Berkshire’s April 30 shareholder meeting.
“Berkshire Hathaway’s board responded by saying it opposes the measure and believes Mr. Buffett should continue to fill both roles. After he departs, a board member who isn’t part of management should become chair, the board said. A representative from Berkshire wasn’t immediately available for comment. The measure likely faces long odds. Mr. Buffett alone has a 32% voting interest in Berkshire. Calpers supports re-electing Mr. Buffett to the Berkshire board. Companies are increasingly deciding not to have their chief executives serve as chair, according to consulting firm Spencer Stuart. As of last year, 59% of companies in the S&P 500 had split the chair and chief executive roles.”
From: The Wall Street Journal, April 21, 2022

There has to be an escape clause for people putting too much money into HSAs. (Use it or lose it as with FSAs would have made HSAs toxic.) This was always a feature - and always one that came with taxes. Non-medical withdrawals were never triple tax free. The only change being made here is whether a withdrawal penalty is added.
It's not just Congress saying that IRAs were intended for retirement (though Congress did make that clear in its original legislation). It is the Supreme Court saying the same thing as well, in ruling that inherited IRAs are not retirement accounts deserving of bankruptcy protection.
In any case, changes involving stretch IRAs did not make formerly tax-free money taxable. They did affect the timing and arguably size of the tax - a quantitative, not qualitative change. Likewise adding a penalty to non-medical withdrawals from HSAs would not make formerly tax-free money taxable since the non-medical withdrawals were never tax-free.

I know people who would be very upset at Disallowed #2 as they also considered HSA as a supplemental IRA. Some who were sitting on the fence on the HSA were swayed by the allowed nonmedical use of funds after 65. If this proposal becomes serious, there may be some grandfathering exceptions. Or, the Congress may say that allowed nonmedical use after 65 was a defect or loophole in the HSA that had nothing to with the health intent. Afterall, the Congress took away the stretch-IRA for heirs by just saying that it didn't have much to do with the retirement intent of the IRA.

I think your Fidelity suggestion is a great one @yogibearbull. I've always used the TRP retirement fund(s) that correspond to the equity % I hold in my portfolio. But the drawback to the TRP funds is they adjust equity exposure over time. I may switch my allegiance from the TRP funds to the Fidelity asset manager funds you listed.

https://www.sec.gov/Archives/edgar/data/313212/000174177322001131/c497.htm
497 1 c497.htm
T. Rowe Price Emerging Europe Fund
Supplement to Prospectus and Summary Prospectus dated March 1, 2022, as supplemented
Effective Monday, May 9, 2022, the T. Rowe Price Emerging Europe Fund will close to new investors. Accordingly, the summary and statutory prospectus are supplemented as follows:
In the Summary Prospectus and Section 1 of the Prospectus, the disclosure under “Purchase and Sale of Fund Shares” is supplemented as follows:
Effective at the close of the New York Stock Exchange on Monday, May 9, 2022, the fund will close to new investors and new accounts, subject to certain exceptions. Investors who already hold shares of the fund at the close of business on Monday, May 9, 2022, may continue to purchase additional shares. -End of Supplement Text----
Section 2 of the Prospectus is supplemented as follows:
CLOSED TO NEW INVESTORS
The fund is currently closed to new accounts other than investors whose accounts meet any of the following criteria:
· Participants in an employer-sponsored retirement plan where the fund already serves as an investment option;
· Direct rollovers from an employer-sponsored retirement plan to a new T. Rowe Price IRA;
· Accounts held directly with T. Rowe Price that qualify through participation in certain T. Rowe Price programs;
· T. Rowe Price multi-asset products (such as funds-of-funds);
· Discretionary accounts managed by T. Rowe Price or one of its affiliates; or
· Wrap, asset allocation, and other advisory programs, if permitted by T. Rowe Price.
Shareholders with existing accounts may make additional investments and reinvest dividends and capital gains so long as they own shares of the fund in their account. Shareholders who own the fund through an intermediary should check with the financial intermediary to confirm eligibility to continue purchasing shares of the fund.
The fund’s closed status does not restrict existing shareholders from redeeming shares of the fund. However, any shareholders who redeem all fund shares in their account would generally not be permitted to re-establish the account and purchase shares unless they meet one of the above criteria. Transferring ownership to another party or changing an account registration may restrict the ability to purchase additional shares. In addition, the fund’s closed status does not restrict an existing investor’s ability to convert from one share class of the fund to another, provided the shareholder meets the eligibility criteria for the other share class.
The fund reserves the right, when T. Rowe Price determines that it is not adverse to the fund’s interests, to permit certain investors to open new accounts in the fund, to impose further restrictions, or to close the fund to any additional investments, all without prior notice.
The date of this supplement is April 18, 2022.
F131-042 4/18/22

@yogibearbull :: How do "generous inflation adjustments" get paid ? Why I'm asking. Vanguard will be rolling their 2015 TRF in the Retirement Fund. I thought about selling or exchanging into another fund , but don't want to lose the "adjustment".
This will be done in July so have some time to figure out what to do. This money is in taxable account.
Thanks for your time, Derf
PS Off the topic,
sorry about that.

https://smartasset.com/investing/charles-schwab-says-now-is-the-time-to-add-this-asset-to-your-retirement-portfolio
Why Will Bonds Recover Now?
"There are a couple indications that Schwab analysts say point to a buying opportunity.
The bond yield curve jumped and has maintained a high level, which means that the market is already discounting a fast pace of Fed rate hikes. Even though the Fed has only raised interest rates once thus far, the yield curve signals a lot of future rate hikes being priced in–so many, in fact, that the number of hikes would have to extend into 2024 to make sense.
Another indicator is the real level of inflation affecting the economy. Due to rising commodity prices, Schwab analysts expect inflation to remain high through the end of the year, when levels should ease again in response to changed Federal Reserve policy. The economy already appears to be cooling, as rising interest rates moderate housing demand and capital goods expenditures."
Anybody else buying this argument?

I will tell you for sure @catch22, if I was handed a 1/2 million dollars at 70 years old to supplement my retirement days, I personally would not seek financial opinions from a posting board. I would go straight to a financial advisor.
Obviously there are a few, if not more than a few posters here that are more than capable of giving good fund-investment advice (yes-also known as opinions). That group very much includes yourself. But none can set up an individualized plan for this couple for the rest of their lives. None can tell them how to set up their investments which seems to include both taxable and non-taxable savings, real estate, a business, SS and maybe more. None of us understands their goals and time horizon, how to safely spend down, where to pull income and in what investment order to divest, how to reduce their tax exposure, ect, ect, ect...

"not random opinions from a posting board."

Random opinions can be good advice or bad advice. Time will tell which is which.

I don’t think we’ll see anything near 10% Y/Y inflation (CPI) this year or next. As for the “general public” I have little faith in their understanding of money, markets, financial planning. We’ve been dumbed down and polarized as a society compared to the 70s..
However, I don’t recall that inflation was much of a “hot button” issue 70s thru 80s. ISTM most took it in stride along with all the other pieces of the economic puzzle. Among those: jobs, wages, perks (like retirement benefits and health insurance), the stock market, quality of public services and infrastructure and educational opportunities. So it was an issue. But not a “hot button” one.
PS - Along with the inflation of the 70s & 80s there were several U.S. manned lunar landings and other advancements in space - something to be really proud of as a nation. And it was perhaps the genesis period for what later became the technological revolution. Loved my first computer - a Vic 20 (early 80s).

It is a difficult year, especially and the "bond ballast" has sunk.
My wife and my retirement accounts are up about 2.4% as we are overwieght energy and commodities, but still only 30% in equity positions. Recent Value focus helps too
Non-retirement accounts are up about 1.5%, a little more equities because I am cautious selling winners as the capital gains push our IRRMA up for Medicare, and are taxed at 12% in Massachusetts
I think the risk to the downside is far higher than risk of missing new bull market.

@Ben: I think the term « tax advantaged » would have been more precise as it covers all types of retirement savings instruments, including both common forms of the IRA.

https://www.sec.gov/Archives/edgar/data/1587551/000158064222001627/fullerthalersmcap497.htm
497 1 fullerthalersmcap497.htm 497
March 22, 2022
Fuller & Thaler Behavioral Small-Cap Equity Fund
A Shares – FTHAX
C Shares – FTYCX
Investor Shares – FTHNX
Institutional Shares – FTHSX
R6 Shares – FTHFX
A series of the Capitol Series Trust (the “Trust”)
Supplement to the Summary Prospectuses, Prospectus and Statement of Additional Information,
Each Dated January 28, 2022
Fuller & Thaler Behavioral Small-Cap Equity Fund – Limited Offering
Effective as of the close of business on May 23, 2022 (the “Closing Date”), the Fuller & Thaler Behavioral Small-Cap Equity Fund (the “Fund”) will become offered on a limited basis and investors will be eligible to purchase shares of the Fund only as described below. Certain types of investors will be allowed to invest in the Fund after the Closing Date without any additional authorization. Other types of investors may invest in the Fund after the Closing Date only if approved to do to so by Fuller & Thaler Asset Management, Inc. (the “Adviser”) and the Fund. Investors who fall in neither of these categories will not be allowed to invest in the Fund after the Closing Date:
Investors Who Will Be Permitted To Purchase Fund Shares After The Closing Date Without Additional Authorization
The following types of investors may invest in the Fund after Closing Date as specified without additional authorization:
Shareholders of record of the Fund as of the Closing Date may continue to purchase additional shares in their existing Fund accounts and may continue to reinvest dividends or capital gains distributions from shares owned in the Fund, and may add to their existing Fund accounts through exchanges from other Fuller & Thaler Funds;
If the shareholder of record is an omnibus account, beneficial owners in that account as of the Closing Date may also continue to purchase additional shares in their existing Fund accounts, may reinvest dividends or capital gain distributions from shares owned in the Fund, and may add to their existing Fund accounts through exchanges from other Fuller & Thaler Funds;
Group Retirement Plans (and their successor, related and affiliated plans) which have the Fund available to participants prior to the Closing Date may continue to open accounts for new participants and may purchase additional shares in existing participant accounts. In addition, new Group Retirement Plans (and their successor, related and affiliated plans) may invest in the Fund after the Closing Date, may open accounts for new participants, and may purchase shares in such participant accounts. The term “Group Retirement Plans” refers to employer-sponsored retirement, deferred compensation and employee benefit plans, and includes without limitation: (a) group employer-sponsored 401(k) plans, (b) 457 plans; (c) employer-sponsored 403(b) plans; (d) profit-sharing and money purchase pension plans; (e) defined benefit plans; (f) retiree health benefit plans; (g) group annuity separate accounts offered to retirement plans; (g) non-qualified deferred compensation plans; (h) health savings plans; and (i) trusts used to fund any of the foregoing plans.
To establish eligibility as a Group Retirement Plan, the plan must satisfy the following requirements:
The plan must be a group plan (more than one participant);
The shares cannot be held in a commission-based brokerage account; and
Shares must be either held at a plan level or at the Fund level through an omnibus account of a retirement plan recordkeeper
Consequently, the term “Group Retirement Plans” does not include traditional IRAs, Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs, KEOGHs, individual 401(k) or individual 403(b) plans.
Existing fully discretionary fee-based advisory programs, where investment discretion (fund and investment allocations) solely resides with the Financial Intermediary’s home office and where the Financial Intermediary’s home office has full authority to make investment changes without approval from the shareholder, may continue to utilize the Fund for new and existing program accounts;
Registered Investment Advisory firms that have included the Fund in their discretionary models by the Closing Date and utilize an approved clearing platform may continue to make Fund shares available to new and existing accounts;
Principals and employees of Fuller & Thaler Asset Management, Inc. and their immediate family members, may utilize the Fund for both new accounts and existing Fund accounts; and
Fuller & Thaler Asset Management, Inc. may utilize the Fund in new and existing fund accounts.
Investors Who Will Be Permitted To Purchase Fund Shares After The Closing Date Only With the Approval of the Adviser and the Fund
The following types of investors may invest in the Fund after Closing Date only with the prior approval of the Fund’s Adviser and the Fund:
Institutional Investors (including successor, related, or affiliated accounts) may establish a new account with the Fund only if the account has been accepted for investment by the Fund’s Adviser and the Fund. The term “Institutional Investors” includes, but is not limited to, corporations, qualified non-profit organizations, charitable trusts, foundations and endowments, governmental entities (including states, counties and other municipalities, or any instrumentality, department, authority or agency thereof), and banks, trust companies or other depository institutions investing for their own account or on behalf of their clients. The term “Institutional Investors” also includes fee-based “wrap” account sponsors that offer discretionary and non-discretionary arrangements (provided they have an agreement covering the arrangement with the Fund) where the financial advisor or client, as applicable, has investment discretion;
After the Closing Date, new fully discretionary (including rep as portfolio manager) and non-discretionary (including rep as advisor) fee-based advisory programs may utilize the Fund for program accounts only with the approval by the Fund’s Adviser and the Fund;
Third party investment manager model portfolios will be able to open new program accounts after the Closing Date only if approved by the Fund’s Adviser and the Fund.
Except as permitted above, investors will not be permitted to invest in the Fund after the Closing Date. If the Fund receives a purchase order directly from an investor who is not eligible to purchase shares of the Fund after the Closing Date, the Fund will attempt to contact the investor to determine whether he or she would like to purchase shares of another Fund advised by Fuller & Thaler Asset Management, Inc. or would prefer that the investment be refunded. If the Fund cannot contact the investor within 30 days, the entire investment will be refunded.
* * *
2
The Fund in its sole discretion reserves the right at any time to change these policies, including limiting new purchases into the Fund or otherwise modifying the closure policy based on the Fund’s net asset levels and other factors.
Please refer to the Prospectus of the Fuller & Thaler Behavioral Small-Cap Equity Fund for additional information regarding buying and selling shares.
Further Information
For further information, please contact the Fund toll-free at 1-888-912-4562. You may also obtain additional copies of the Fund’s Summary Prospectuses, Prospectus and Statement of Additional Information, free of charge, by writing to the Fund c/o Ultimus Fund Solutions, LLC at P.O. Box 46707, Cincinnati, Ohio 45246-0707, by calling the Fund toll-free at the number above or by visiting the Fund’s website at www.fullerthalerfunds.com.
3

Might be of Interest:
https://podcasts.apple.com/us/podcast/episode-5-secondary-retirement-income-styles-part-1/id1611091157?i=1000554071026

https://www.sec.gov/Archives/edgar/data/1342947/000089109222001046/bbh497ssta-rf.htm
497 1 bbh497ssta-rf.htm PROSPECTUS AND SAI SUPPLEMENT
BBH TRUST
BBH PARTNER FUND – SELECT SHORT TERM ASSETS
(BBSTX)
SUPPLEMENT DATED MARCH 28, 2022 TO THE
PROSPECTUS
AND STATEMENT OF ADDITIONAL INFORMATION
DATED MARCH 1, 2022
The following information supplements, and, to the extent inconsistent therewith, supersedes, certain information in the Prospectus and Statement of Additional Information. Unless otherwise noted, capitalized terms used in this supplement have the same meaning as defined in the Prospectus and Statement of Additional Information.
I. FUND LIQUIDATION
On March 28, 2022, the Board of Trustees of BBH Trust (the “Trust”) approved a Plan of Liquidation for the BBH Partner Fund – Select Short Term Assets (the “Fund”) pursuant to which the Fund will be liquidated (the “Liquidation”) on or about the earlier of (i) April 13, 2022 and (ii) the date on which all shareholders that are not affiliated with the Adviser have redeemed their respective shares of the Fund (the “Liquidation Date”). Shareholder approval of the Liquidation is not required.
Beginning on March 28, 2022 through the Liquidation Date, the Fund may depart from its stated investment objective and policies as it liquidates holdings in preparation for the distribution of assets to investors. During this time, the Fund may hold more cash or cash equivalents than normal, which may prevent the Fund from meeting its stated investment objective. Shareholders of record as of the close of business on the Liquidation Date will receive their proportionate interest in all of the net assets of the Fund in complete cancellation and redemption of all the outstanding shares of the Fund. Payment will be made in accordance with instructions from each shareholder. If a shareholder has not provided instructions by the time proceeds are distributed, that shareholder’s liquidation proceeds shall be distributed based on the payment instructions on file for such shareholder with the Fund’s Transfer Agent. For those accounts with no bank instructions on file with the Fund’s Transfer Agent, the Transfer Agent shall issue a check. If required by the Internal Revenue Code of 1986, the Fund will make an income distribution prior to the Liquidation Date.
Shareholders of the Fund may redeem their investments as described in the Fund’s Prospectus prior to the Liquidation Date. If the Fund has not received your redemption request or other instruction by the Liquidation Date, your shares will be redeemed on the Liquidation Date, and you will receive your proceeds from the Fund, subject to any required withholding.
The Adviser will bear all expenses of the Liquidation to the extent such expenses are not part of the Fund’s normal and customary fees and operating expenses. However, the Fund and its shareholders will bear transaction costs and any potential tax consequences associated with turnover of the Fund’s portfolio.
The liquidation of the Fund, like any redemption of Fund shares, will constitute an event upon which a gain or loss may be recognized for state and federal income tax purposes, depending on the type of account and the adjusted cost basis of the investor’s shares. The tax year for the Fund will end on the Liquidation Date. Please contact your tax advisor to discuss the tax consequences to you of the liquidation.
II. CLOSURE OF THE FUND TO PURCHASES
Effective as of the close of business on March 28, 2022, the Fund will be closed to purchases of Fund shares; however, the closure to purchases of Fund shares does not restrict any shareholders from redeeming shares of the Fund.
The Fund’s ability to enforce the closure of the Fund to purchases with respect to certain retirement plan accounts and accounts held by financial intermediaries may vary depending on systems capabilities, applicable contractual and legal restrictions, and cooperation of those retirement plans and intermediaries.
Please contact the Fund at 1-800-575-1265 if you have any questions.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.