DMICKEY
07-12-2007, 12:16 PM
Will try and stay brief, but fully disclose the situation......
Late last year, my company was bought out by a company not located in the US. I have been with the newly bought out company for 14 years and have employees that have been here up to 39 years. We rolled over our 401K to the new company designated to maintain it. (Our previous owner required the rollover to something). I have never had "fees" to maintain my 401K and others who have been here almost triple my tenure say they never have either. We were told our benefits would not change and the papers we have only talk about the company match, vesting time, etc. Granted they do match our previous benefit - nothing states 'fees'
Without any notification, fees (adminstrative, trustee, asset mgnt, etc) started being automatically deducted from my 401K by the company administrating it. Fees are excessive to say the least - try 3 to 4 digits - Quarterly !
I find it extremely irritating to say the least that a 1.5% fee for all my assests is being charged - when I rolled over all that amount and I was also charged a setup fee. I also feel cheated that this was not known BEFORE I rolled it over.
Now the sad thing is - I AM THE PLAN ADMINISTRATOR. So if I did not know - none of the other 110 employees did either.
Everyone is livid !
DO WE HAVE ANY RECOURSE?????????
Late last year, my company was bought out by a company not located in the US. I have been with the newly bought out company for 14 years and have employees that have been here up to 39 years. We rolled over our 401K to the new company designated to maintain it. (Our previous owner required the rollover to something). I have never had "fees" to maintain my 401K and others who have been here almost triple my tenure say they never have either. We were told our benefits would not change and the papers we have only talk about the company match, vesting time, etc. Granted they do match our previous benefit - nothing states 'fees'
Without any notification, fees (adminstrative, trustee, asset mgnt, etc) started being automatically deducted from my 401K by the company administrating it. Fees are excessive to say the least - try 3 to 4 digits - Quarterly !
I find it extremely irritating to say the least that a 1.5% fee for all my assests is being charged - when I rolled over all that amount and I was also charged a setup fee. I also feel cheated that this was not known BEFORE I rolled it over.
Now the sad thing is - I AM THE PLAN ADMINISTRATOR. So if I did not know - none of the other 110 employees did either.
Everyone is livid !
DO WE HAVE ANY RECOURSE?????????
