The great 401k Ripoff.

http://finance.yahoo.com/print/expert/article/moneyhappy/106826

Get Ready for the 401(k) Wars

by Laura Rowley
Posted on Wednesday, September 10, 2008, 12:00AM

In December, a San Francisco court is expected to begin hearing arguments in the first of a wave of class-action lawsuits focused on the mismanagement of defined contribution plans, including 401(k)s. The lawsuits accuse a number of Fortune 500 companies of failing to put workers' interests first, as federal law requires -- resulting in millions of dollars of losses over time.

Specifically, the suits charge that employers allowed plan administrators and other third-party service providers to charge excessive, hidden fees to workers in the plans, breaching their fiduciary duty under the Employee Retirement Income Security Act (ERISA).

In some cases, the suits say, employers were asleep at the wheel as financial services firms extracted egregious fees; in other cases, the company used the plans as leverage to obtain better terms for financing, and allowed the third-party plan administrators to overcharge workers in the plans.

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Just think what privatizing Social Security would have spawned......

and it's practically worthless now. He worked for Fannie for 17 years. We can't deduct the loss from out taxes, either.

Those blood-sucking parasites made sure of that.

their equivalent of the 401k, and it wanted the employee handbook translated into English for its international employees. It was all "YOU get to manage YOUR OWN financial future."

Right, especially when the stock market tanks.

that is, if there isn't a loss. The only people paying taxes are the fund managers and their 7 figure salaries.

Pumping and dumping on the retirement funds.

Hubby & I rolled his 401 over to buy land with it. When & if we sell the money goes back into the 401. We can't live on the land but at the time we were losing so much in the 401 that's why we decided to do what we did. Of course when we started losing money in it was after bush took office. We found that you could buy a house, apartment complex, land with your retirement money. Any income from these choice's have to go back into your fund.