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  • What recourse do I hv against changes in 401k company plan? The "team" deleted the hi-performing Sector funds.

    Public US company is changing manager from Fidelity to T. Rowe Price. My Sector funds in Fidelity are named "T Rowe Price" but are not in the new 401k offered when the whole thing becomes managed by T Rowe Price. The company team claims that they have the "fiduciary" responsibility to "protect" their employees against those who 'don't have the financial astuteness" to make the right decisions within their funds. The new funds only have history of 5-9% return rates, but the sector funds have netted me year over year return of 26% as I watch it and understand what I'm doing. Other well-informed employees who understand finance are also upset. We want the company match, but need to do the 401k with TRP in order to get it. What can we do after the VP of HR has said 'NO'? Do we file Class action suit? Report to some other finance authority? "Harp" on the sales reps that come to visit us? Other suggestions?

    5 AnswersInvesting1 decade ago