I took a new job last year at a relatively small company. I was not eligible for their 401k plan until just recently. What I've learned so far is that they do offer a 401k plan with an employer match (20% and a 6 year vesting schedule), however, there is no way for me to access the funds online or to choose how I want to invest the money. At my previous employer, we had a Vangard account where I could log in and see my account summary as well as choose different stocks, bonds, or funds to distribute my contribution to, so it seems really odd to me to just hand over my contribution and not really see what's going on with it. Now, granted, I have not yet signed up and have not asked very detailed questions about how all of this will work, so I'm going on somewhat limited information. But I do know from talking to other employees that there is no way for us to personally manage the 401k funds. Since I haven't signed up for the plan yet, I'm not even sure if there is any visibility to the account online or otherwise.
So my question is - one, is this normal and legal? And two, what kinds of questions or requests can I make of my employer within reason to give me a better idea of what happens with my money and/or will better prepare me to decide if I truly want to take advantage of their 401k plan (because to be honest, even with that match rate, I need to stay for 6 years for it to become mine and I'm wondering if I wouldn't be better off starting another account of my own that I have access to and can manage myself).
Any thoughts/information would be greatly appreciated - this is something I am not well versed in at all and I want to be as informed as possible when I make my decision and/or go to my employer with my questions.
Submitted September 17, 2018 at 10:33AM by typical_millenial05 https://ift.tt/2NhpKcB
