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Asked 2/3/2009
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Can my company force me to change 401k providers? The company my husband and I worked for decided to change firms that handled our 401K. When the transfer was made the balance in my account was $1846 and they only transfered $1680 because they said that was the market value. Can the company force me to do this when it means I lose money? |
Answer 1/1 - Submitted 2/4/2009
They Can. This is an employer sponored plan. They can move it wherever they like, and with the drop in the market, any plan that moved at the end of the year would have lost money. Since the employer techinally runs the plan, they can move it, change it, and discontinue it at their option. They do however have to make the attempt to notify you.
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