401(k) Plan Mismanagement?

February 4, 2009

So how many of you out there are fuming while your company, or the Leeches they do business with, mismanage your 401(k) Plan? Isn’t it enough that the stock market is losing money faster than you can defer part of your salary into a Plan? Both of your feet are still outside the grave yet you may not have a dime to buy dog-food when you reach retirement age.

Muffin, my trusted companion and Bichon Frise is threatening to kick me out of the apartment. He’s miffed that my boss has carte blanche to hold on to salary I deferred several weeks ago. My employers are earning interest on my deferred salary while my 401(k) Plan is losing ground – battered about by failing stock, failing companies, failing Mutual Funds, failing interest rates on Money Market Accounts — everything is failing and Muffin fails to understand me. He says that the employees of America have no balls. I shake my head in acquiescence. For years now I have watched some companies in America take moneys from the salaries of ordinary Americans only to invest those moneys in the 401(k) Plans whenever it suits their will. Today, those employers are still doing business as usual — taking blood from the bodies of ordinary Americans. I wonder how many of you have had such an experience?

How many of you have had the experience of seeing money misapplied in your 401(k) Plan? Was that really the true net asset value you paid for the mutual fund or was it really another price? Did your company twist your arm to disallow money from being withdrawn from the plan when you really needed it? How many of you are still waiting for your 401(k) money to reach the IRA you designated several weeks, or months after your former employer terminated your services? This is not some meaningless attack on good employers. We applaud the decent employers of America who spend endless hours and toil caring for their employees. May God enrich your kingdom on earth. But to those who work against the advancement of your fellow Americans, we wish you hell.

Is there a person who wishes to vent?


This entry was posted on February 4, 2009 at 11:17 pm and is filed under Social Commentary.

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