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Asked 6/11/2008
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My employer has decided to switch plan managers, however, I was happy with the previous plan. Do I have to switch? I work for a non-profit who has a tax-deferred retirement plan. I contribut about half of the monthly contribution. The plan manager is very good, and I've also put my checking and savings accounts there. Because the Bank holds a large amount of my money (retirement being the bulk) I get extra services for free. Now my employer wants to switch plan managers, largely because of the lower management fees charged to the company. This means reducing the amount I have with my bank which will trigger fees for services I now receive for free. Can my employer switch, or do I have options? |
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