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Company 401k Plans
This archived discussion is "read only". « Previous 53 54 55 56 57 58 59 60 61 62 63 64 65 66 Next » » rasputin13 - Re: 401K issue In response to message posted by Notsure101:Is there an investment company that manages these monies? You know, like Fidelity or Vanguard? Maybe your company is holding onto the money a bit prior to sending in contributions. They can fool around like that a bit without running afoul of the law. I might go directly to the investment company for information. Tell us the name of this company (not the one you work for) and maybe we can go from there. BTW, regarding the issue I raised just recently, it looks like we're going to be able to bring our plan (Vanguard) with to the new company if (big IF) the DEAL goes forward. -- posted by rasputin13 » Notsure101 - Investment Company and Trust Firm The investment Company is Legg Mason but I cannot talk directly to Legg Mason because there is a Trust Company involved. The Trust Company is Atlantic Pension Services. From replies it sounds like there is nothing I can do but try and withdrawal from this plan and find another way of saving my retirement monies. This is really sad.-- posted by Notsure101 » SteveT - Re: 401K issue In response to message posted by Notsure101:I wouldn't stand for that kind of treatment for one minute. This whole thing is regulated by ERISA and I am sure you have a Congress person up for election next year that would love to fight this battle on your behave. It could all be done on the QT so the comapny you work for wouldn't know who blew the whistle. Do it Monday! -- posted by SteveT » radiodude - Expense warning on some 401K plans My wife just got a new job, and I was looking over the 401K plan paperwork.The plan is run by Standard Insurance ---- okay, I've never heard of them, but whatever. The available funds include some Vanguard funds, some Fidelity Funds, and others. Good selection. So far, I'm happy to have my wife enroll. I'm thinking the Vanguard Index funds would be good. I'm Still Happy. Then I read the fine print. Instead of paying 20 to 40 basis points that one would normally pay for expenses on these Vanguard funds, the insurance company takes a cut, such that the expenses for these index funds is 2% per year. OUCH! This is way high for a Vanguard Index fund. Is this normal? Has anyone else run into this type of added expense by a 401K administrator? -- posted by radiodude » SteveT - Re: Expense warning on some 401K plans In response to message posted by radiodude:radiodude, I have some limited experience. The former plan the company I work for (BTW a plan not set up with my input) was a defined contribution plan. If we worked there we were in the plan, no opting out and no deductibility either. There was one investment choice, a guaranteed investment contract. Everyone got the same return. Along I came and found out what was going on. I don’t blame the people that set up the plan, they didn’t know any better. I was very involved setting up our current 401(k). I was lucky to have an enlightened boss that agreed to pay administrator fees. In research preparation to begin looking for a new administrator I found fees tend to vary widely. Some of it is due to being sold a plan like you are describing. Some of it is informed people shopping for the deal that is best for them. Often the annual administrator fee is around .5% to 1% of the plan balance. This varies based on amount of participants and balance of the entire plan. Don’t get me wrong administrators serve a purpose and it is one that cannot be done in house. No free lunch and all. One feature of the plan I am in is a “forfeiture” account covers the administrator’s fee. The forfeiture account is the employer matching contributions or a portion of put into the plan for employees that then leave the service of the company prior to being vested. So far it has worked out the forfeiture account has covered the annual fees. When it doesn’t the company intends to pick up the difference. Our company cannot put these funds in their pocket so they use it to have a better plan for the employees that are still working for them. In your case your Wife is going to have to judge how many waves she cares to make now being a new hire. Maybe she might bring it up to some of the fellow employees and see if they are aware of it. Maybe talk to HR, or a 401(k) committee member. See if there is interest in fixing this. On the other hand maybe the big boss is getting a kickback? All in all it is probably still worth enrolling due to the tax advantages. My 2 cents worth. -- posted by SteveT » u2ladybug - Investments in formaer company I need guidance. I left a company appx. 2 years ago. I left my 401K investments there. I liked the investment choices and fund company. I received statements every 3 months, than in March of 2003 they stopped. I also had the ability to go on site put in a password and pin and review how things where. About April 2003 I was not able to do that, site kept saying invalid password/pin. Used the 800 number to contact investment group, they said to contact former employer. My funds are handled by them. That my funds were no longer with that fund company. I contacted my former company numerous times with one run around after another with no response to where my funds are! Finally last week a new person with the personnel group of my old company left slip that the company for ease of accounting purposes moved the money into a money market account. When asked to get a report showing the account balance and where it is held she transferred me to another person. The other person stated that do to a move to a new fund group my funds were moved. But in order to verify who I am I must come to that company, show ID and sign documents. I sent them documents from the fund group I want to move to and they refuse to fill them out and send them back with the proper information to do the rollover. Is this legal? Who do I contact to get them to stop holding my money hostage?-- posted by u2ladybug » allancoleman - Re: Investments in formaer company In response to message posted by u2ladybug:u2ladybug , you can go to the pension rights center at : pensionrights.org . there are several links on the left on their home page for pension help . they even have a women's pension link . good luck . -- posted by allancoleman » rasputin - Re: Investments in formaer company In response to message posted by u2ladybug:Since you're having trouble with personnel at your former employer, I think that I'd contact the fund company. The fund company will have one person who handles your former company's account. That would be the person I'd deal with. I might speak in very firm, stern terms with that person. I could be wrong, but I don't think personnel from your former employer can re-allocate your money without informing you in advance. Please contact the fund company again. Find that one person who manages your former employer's account. You may well be able to roll your monies out from your former company's account and into your own account with the same fund family. I'm almost sure you'd be able to do that. Do let us know what happens. -- posted by rasputin « Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 Next » Please follow the guidelines set forth in the Suite101 Posting Etiquette when adding to the discussion. |
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