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Retirement Saving for retirement - questions about pensions and pension schemes, 401k's, public and private company pensions, and other saving schemes.

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Old 01-24-2009, 09:11 PM
bizzaro bizzaro is offline
Junior Member
Join Date: Jan 2009
Location: new jersey / morris county / usa
Posts: 7
Default 401k opt-out legality

hi all, new to forum....and responsible money management

my company has our 401k managed by fidelity investments.

i recv'd an opt-out mailer during the holidays that i did not know was an opt-out mailer. it looked like all the other junk mail i get, so i tossed it.

as a result, my zero risk 401k was put into a "financial engines" program at fidelity.

i caught it 12 days after they did it, and so limited my losses to 99.36 + a 10.00 fee to put it back the way i wanted it.

my plan was to stick to the ABN bond bcz of its zero performance. my company matches up to 6% total as a 50% match of my contribution, currently at 12% pre tax. my future goal was to put 40% into pimco bcz it was the only choice im offered that had a winning record last year.

heres my venom, and make no mistake, i am livid about this.
as a responsible assest management company, fidelity is entrusted to make decisions based on their area of expertise and my best interests.
even had i authorized this, they "the experts" so screwed up my investment in my 401k in 12 short days it makes me question their competance.

i understand that trending is done in blocks bigger than 12 days, but [and i warned you about my venom] WTF!!/???

so now i question the legality of opt-out in an area so important. it seems to me that this is irresponsible asset management, and honestly, if i knew the motivation behind changing my 100% ABN 401k into a split of 6 dogs [negative performers in 2008] i would be tempted to make unfounded and possibly accurate allegations about this behaviour.

my questions:
1 . is it legal?
2. what is my recourse?
3. can i hold fidelity responsible for my losses?
4. can i ask fidelity to make sure i am not in any opt-out in the future?
5. will #4 matter
6. im not the type who wants to get "even" but in this case, i want to get even. how do i do it without being a dick?
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