Go Back   The Finance Forums > Finance forums > Retirement



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

Reply
 
Thread Tools
  #1  
Old 01-24-2009, 10:11 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?
Reply With Quote

Old Sponsors
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



» Boards




All times are GMT -4. The time now is 08:06 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.