Company 401k Plans
- rasputin
- JenL_2
- Rande
- rasputin
- blltnyc
- msnj0800
- Rande
- rasputin
- SteveT
- SteveT
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» rasputin - Re: Fighting for a better 401(k)
In response to message posted by blltnyc:Hi Jena, I was unhappy with our 401k (with Massachusetts Mutual) so I got myself appointed to our company's pension and profit sharing committee, rallied support for a change in companies, interviewed representatives from Fidelity, Vanguard (my favorite) and re-interviewed Mass Mutual. We changed to Vanguard and now I and a couple of other people do the selecting of funds for the plan. I'm our company's plan administrator now mainly because I'm the most interested, I guess.
-- posted by rasputin
» rasputin - Re: Re: Re: Fighting for a better 401(k)
In response to message posted by Rande:That Vanguard rep was a hum-dinger (don't know what that means, but it sounds suggestive). Seriously, as I recall, they sent three folks out for the presentation...one of whom was some sort of V.P. who had been with the company 20 years. Said they all take turns doing that kind of stuff. Pretty impressive.
-- posted by rasputin
» blltnyc - Re: Fighting for a better 401(k)
Hi rasputin,Good work! I'd really love to hear more about how you went about making these changes--I think it's very illustrative of how people can make a difference in how their company handles its 401(k) plan! I emailed you regarding this, but we've had email problems here and I'm not sure you got it. I then noticed that I accidentally left my email address off of my posting so you couldn't respond to me.
So if you wouldn't mind, drop me a line at jenamcgregor@hotmail.com and let me know how to reach you. I think you have a great story to share!
Thanks in advance for your time, rasputin,
Jena
-- posted by blltnyc
» msnj0800 - EX-employer withdraws from my 401k
I have received my statement for 401k from my old job and found out that the ex-employer has withdrawn money from the account. I have contacted the financial institution that manages that 401k and they have said there is nothing they can do, even though all the money in the account is mine, 100% vested and the whole thing.Is this true? The financial institutions managing the 401k will let the ex-employer into my account and withdraw vested funds?
Then I have contacted the ex-employer's HR department and payroll. They have found out what the problem is but are not doing anything to fix it. I have also written a letter to the plan administrator demanding my money back.
What can I do to get my money back? Is there a particular law that protects me? I assume filing with the department of labor is the last thing I can do, but I am sure it will take a very long time to have it fixed if it goes to DOL.
-- posted by msnj0800
» SteveT - Re: EX-employer withdraws from my 401k
In response to message posted by msnj0800:msnj0800, I would contact the Department of Labor's Pension and Welfare Benefits Administration at (202) 219-8776. I would also write a letter explaining everything and provide any documentation you have. Seen copies to your former employer and the financial institution involved. Keep copies for your recorders too.
Try this link http://www.dol.gov/dol/pwba/ to the PWBA from there you can contact the agency directly. Don't give up and let them get away with this stuff, not even for one penny!
-- posted by SteveT
» SteveT - Matching Contributions
I have noticed some changes in my wife's 401K in the last few years. About 2 years they started limiting the number of trades per Quarter, if was flying high then. Next they made matching contributions only in Company stock and it had to be held 5 years before switching it to other options. Now the employee stock purchase plan has to be held 1 year after you recieve it before selling. I wonder if more legal action will cause them to rethink they strategy?http://www.usatoday.com/life/cyber/inves... 08/21/2001 - Updated 04:32 PM ET Workers sue over 401K losses
By Christine Dugas, USA TODAY
The stock market downturn is drawing attention to the company stock stuffed into 401(k) plans — prompting some workers to sue employers over steep losses.
Nearly one-third of 401(k) assets were invested in company stock as of July 31, according to the Hewitt 401(k) index, based on data from 1.5 million plan participants. Such large concentrations can expose investors to big losses.
Some employees are taking action:
• Employees at Lucent Technologies sued last month over company stock losses in their retirement plan. The lawsuit alleges that Lucent was aware of financial problems that made its stock inappropriate for 401(k) plan participants.
About 31% of Lucent's plan assets are in its stock, according to industry newsletter DC Plan Investing. It ranked Lucent the fourth-worst-performing company stock in 401(k) plans in May. The stock closed Friday at $6.34. Its 52-week high: $45.18.
Lucent says the lawsuit is without merit. Charges are similar to other shareholder lawsuits, which allege Lucent misled shareholders and failed to warn of revenue shortfalls.
• A class-action lawsuit is pending against Ikon Office Solutions, a Valley Forge, Pa., provider of copier and printing systems. It charges Ikon violated its fiduciary duty by putting its stock into the 401(k) plan.
In 1999, Ikon agreed to pay $111 million to settle separate securities fraud lawsuits that alleged it misled investors about internal problems. Ikon's stock closed at $7.85 on Friday, down from a 5-year high of $46.63.
As market woes persist, such lawsuits may become more common. But because employees lose money doesn't mean they have a claim.
Some experts say it may be difficult for workers to prevail.
"One way a company can get into trouble is if it possesses information about a problem that makes the stock an inappropriate investment, but they do nothing about it," says Lynn Sarko, an attorney at Keller Rohrback in Seattle. The firm is representing Lucent employees.
Some companies are taking steps to limit exposure:
• A recent study by Fidelity Investments found that 7% of 401(k) plans limit the percentage of stock in a participant's account. The most common limit is 25%.
• Federal-Mogul, an auto-parts maker based in Southfield, Mich., no longer makes matching contributions in company stock. And it barred participants from buying more company stock in the plan.
The steps stem from stock volatility related to pending asbestos liability claims, spokesman Jim Fisher says. The stock closed at $1.05 on Friday, down from a 52-week high of $11.75.
"Federal-Mogul may have raised the bar," says Nevin Adams of Plansponsor.com. "People can point to their example and say, 'Why didn't you do that?' "
-- posted by SteveT
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