In article <U...@g...com>,
Ignoramus23721 <i...@N...23721.invalid> wrote:

> I have a 401k plan at work. I really do not like the way it is being
> managed. Specifically, the fund choices are not great.
>
> The most outrageous, is that the _money market fund_ is charging us
> over 1% of asset value for "management". I think that it is obnoxious,
> as they likely do not do much, and the returns certainly do not
> compare to the expense of the management.
>
> I have been with the Co. for a few years and accumulated a reasonable
> amount of $$, most of which is in that god damn money market fund.
>
> By now, the amount of money in the 401k account is enough to matter.
>
> So, in short, I am pissed off.
>
> Is there something, short of leaving my employer, that I can do? Such
> as close the 401k and move it to IRA, and then reopen? I like my job
> and would not leave, but I hate feeding those greedy bastards for
> nothing in return.

You have to quit in order to do a roll-over. If you try to take
the money out on your own, you end up feeding the IRS a big part
of it.

Another option is to start a grass-roots effort to get the
employees to demand that the company change to a new 401K
manager. If it is a smaller company, you might be able
to make a case directly with the big boss by showing him
or her how much money each month they are throwing away
in these fees. Do a future value calculation to show
how this could be millions over 25 years.

The other strategy is to contribute the minimum to the
401K to get your match (if you have one), then max out
your IRA options. After that, consider tax efficient
funds such as a broad index fund. As long as the fund
doesn't trade in and out of securities, you don't get
nailed with taxes along the way.

-john-

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John A. Weeks III           612-720-2854            j...@j...com
Newave Communications                         http://www.johnweeks.com
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