Sunday, October 9, 2011
New investments
Can someone explain in simple English what is actually happening to the 401(K) plan? Looks to me like we lose, again. It's hard to tell if we have the option to keep our funds with Fidelity-there is some verbage about "if you do not want your existing balances and future contributions to transfer to the similar investment options... contact Fidelity Investments before 4:00 pm..."
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2 comments:
Fidelity is still trustee of the accounts. I'm actually less unhappy now that I've read much of the booklet. The 'target retirement' funds are still going to be using the Vanguard funds currently available. But it appears that rather than each individual having their own Vanguard account of record, the 'commingled pool' has a single account and in essence someone is tracking our fractional shares therein. The pool looks like a mega customer to Vanguard so they give it their lowest cost ratio.
I'd probably prefer to have an individual Vanguard account, given the cost difference is only like 0.1%. But at this stage it doesn't appear to be something to howl about.
Take a look at the "performance" of the new investment options. Truly pitiful. It's no wonder they would not provide this information in advance of stealing our retirement. I wonder how many pals of the LANS Board of Governers are getting rich off of this raid. I'm also appalled at the lack of outrage on the hill. BOHICA!
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