Company 401k Plans
- MikeH_16
- MikeH_16
- JenL_3
- SteveT
- TimYounkin
- JenL_3
- TimYounkin
- TimYounkin
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» MikeH_16 - 'Lo, all.. As I have mentioned previously, my employer rece
'Lo, all..
As I have mentioned previously, my employer recently sprang a 401k program on us, virtually unannounced, with no employee input, and no matching contributions. I believe that the employee pays the 401k admin fees, however.
The offerings are almost all abysimal, all but two indices with plus-1% expenses, and all but those two and one other performing sub-500 for the three and five year stretches.
Don't employees have any rights here? I did indeed ask the CFO about different, better funds, but no dice. This is a package deal from Manulife, basically a product to be sold at a profit, *and* with only two dates a year are we allowed to change our allocations.
Fortunately, I am wholly invested in Vang. Index 500 (wow!) but would sure like to have protected my investments from our totally greedy and corrupt government(s).
Mike Heffernan
-- posted by MikeH_16
» MikeH_16 - Thank you for the thots, Kirk. However, this is the company t
Thank you for the thots, Kirk.However, this is the company that announced via memo Thursday that, since Independence Day falls on a Saturday, we are not entitled to holiday compensation.
So I worked today (Friday). Of course, all management (and their secretaries) were absent today.
This is the mentality I am facing; I am not hopeful.
Mike
-- posted by MikeH_16
» JenL_3 - Mike, here is some information that you could have in hand to he
Mike, here is some information that you could have in hand to help your case; two Secretary of Labor publications on 401Ks are available at:They are "A Look at 401K Plan Fees", and "Study of 401K Fees and Expenses". You need to have the Adobe Acrobat Reader (a free download) to read the second publication. Hope this helps. J.L.
-- posted by JenL_3
» SteveT - Mike: With unemployement so low , have you considered looking f
Mike: With unemployement so low , have you considered looking for a job with a better company? I know this is a very personal decission but think about it. Really consider pounding the pavement. If management is that short sighted you may not have a job to go to when the economy takes a down turn. A similiar thing happened to my wife a few years ago. She moved to a better company that paid for her college education. She has gotten several promtions and is making real good money. Don't sell yourself short.. We worked friday but will get 8 hours pay for the holiday.
-- posted by SteveT
» TimYounkin - Seems like there is alot of talk about 401(k) fees. I have done
Seems like there is alot of talk about 401(k) fees. I have done my own research and even wrote an article on the topic. I posted most of the information at my web site http://www.geocities.com/CapitolHill/Con...Also, there are over 50 web related links for your own investigating. I hope this will clear some things up. The bottom line is don't pay more than 1% in 401(k) fees and preferably much lesser, around 0.5% is good.
-- posted by TimYounkin
» TimYounkin - Thank you for the nice comments. There is another article I post
Thank you for the nice comments. There is another article I posted called Annuities and Retirement Plans: A Closer Look.There is so many bad things to say about annuities as retirement plans I just had to write a Part 2 article. You should hear some of the lame ridiculous excuses I hear from salespersons selling these insurance products. The real scary thing is that most people believe the sales pitch. The fact that the selling of annuities is on the rise just shows how ignorant investors are. It's the same old story, annuities are not bought...they are sold. Buyer Beware.
-- posted by TimYounkin
» TimYounkin - Thank you for the nice comments. There is another article I post
Thank you for the nice comments. There is another article I posted called Annuities and Retirement Plans: A Closer Look.There is so many bad things to say about annuities as retirement plans I just had to write a Part 2 article.
http://www.geocities.com/CapitolHill/Con...
You should hear some of the lame ridiculous excuses I hear from salespersons selling these insurance products. The real scary thing is that most people believe the sales pitch. The fact that the selling of annuities is on the rise just shows how ignorant investors are. It's the same old story, annuities are not bought...they are sold. Buyer Beware.
-- posted by TimYounkin
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