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Asked 4/16/2010
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Can an employer takes money from your 401k account without notify you in advance? In the past years, my employer paid 401K administration fee to a broker to manager each his employee's 401k account.
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Answer 1/1 - Submitted 4/16/2010
An employer can change the management of any benefit, but if your money is involved, they are supposed to give you notice of the change. They are also only supposed to do this one time a year and within a certain period. If this is a very small company, then they do not even have to offer you benefits or a retirement plan so i am not sure if they can change the management of things. The management fee for a retirement account should be relatively small, and the benefits to you in pre-tax and tax deferred saving should far outweigh the small fee--if this fee is actually LARGE--then you should contact a financial or legal professional to make sure what they are doing is legal-best of luck
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