If you are lucky enough to work with a firm that offers a 401K please check to make sure your accounts are being funded what is being held out.
Is Your 401k really getting funded by your Firm?
Or does your principle hold your Contributions till he gets paid for the next job? They can only lag by two months. Big firm & small abuse this loop hole. Don't let the Bums hold your cash.
didn't know this about 401K, thanks for the heads up...hope you didn't get burnt.
I know from experience that this is also the case for some Medical Flex Spending accounts. Evidently, if the firm operates the account in lieu of an outside source, they have a year to pay you that money. So, say you pull money out of your gross pay every two weeks to keep funds available for glasses, dental insurance, prescriptions, etc...they can hold that money 'until they have it'...meaning they used it for other things and can't pay you back in a timely fashion.
As stark put it...don't let the bums hold your cash.
Do you have any Idea how much money your 401K manager makes? Ask him - it's about 150k skimmed off the top of the group fund annually.
Fund performance numbers are after they get their cut...everyone's making money but the architects.....imagine how thankless your job is already, then you build your 401K only to find out your carrying another person. Ouch. After all what do they do..collect your money, contribute to some hedge fund while your numbers are given to you through reports and bullshit monthly statements. They float alot more than you think. The best thing to do is your own fund management - if you have the time and an honest financial advisor - Group funds are a scam indeed.
Aug 23, 04 7:30 pm ·
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The Great 401K Scam!!!
If you are lucky enough to work with a firm that offers a 401K please check to make sure your accounts are being funded what is being held out.
Is Your 401k really getting funded by your Firm?
Or does your principle hold your Contributions till he gets paid for the next job? They can only lag by two months. Big firm & small abuse this loop hole. Don't let the Bums hold your cash.
didn't know this about 401K, thanks for the heads up...hope you didn't get burnt.
I know from experience that this is also the case for some Medical Flex Spending accounts. Evidently, if the firm operates the account in lieu of an outside source, they have a year to pay you that money. So, say you pull money out of your gross pay every two weeks to keep funds available for glasses, dental insurance, prescriptions, etc...they can hold that money 'until they have it'...meaning they used it for other things and can't pay you back in a timely fashion.
As stark put it...don't let the bums hold your cash.
Do you have any Idea how much money your 401K manager makes? Ask him - it's about 150k skimmed off the top of the group fund annually.
Fund performance numbers are after they get their cut...everyone's making money but the architects.....imagine how thankless your job is already, then you build your 401K only to find out your carrying another person. Ouch. After all what do they do..collect your money, contribute to some hedge fund while your numbers are given to you through reports and bullshit monthly statements. They float alot more than you think. The best thing to do is your own fund management - if you have the time and an honest financial advisor - Group funds are a scam indeed.
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