Check out reviews for our new 401k administrator Empower, they are horrendous particularly on yelp of all places. They are legit but they also are incompetent in handling customer requests. I plan on rolling my money out of there as soon as possible after i retire this year but beware.
https://www.yelp.com/biz/empower-retirement-greenwood-village-3
Only a fool keeps his/her/their money in a 401k plan after they reach 59 1/2. They should drain it annually and roll over to a rollover IRA. There are plenty of competent and ethical providers.
Can't be worse than the service we got from our own HR. They're just custodians, nothing more.
This is pretty funny, I left WF for another job a month ago. New company uses Empower for their 401k as well.
Can I tell them to move mine to their Fidelity service?
There are certain legal protections that apply to a 401k that do not apply to an IRA, so some people may want to leave at least a portion of their money there.
Investment diversification also includes defensive diversification, and this is a great example of doing that.
Just cause lots of employers do something is no validation the thing is good for the employee.
Its only validation that lots of employers either ain't that smart... or maybe there is an ulterior motive. Perhaps empower is cheaper for the employer?
People don't really understand 401ks. Unless some employer has restrictive rules (and Wells does not) it is your money and you can roll all or some of it out anytime. I rolled a chunk out of Wells 2 years ago. Should taken more.
lots of large companies use employer for their 401ks
Well those of us still employed with Wells Fargo don’t have a choice but to use empower.. of course if you’ve left/retired you can take your money wherever you want.
Only a fool keeps his/her/their money in a 401k plan after they retire. In fact, most should roll to an IRA when any employment separation occurs.
The exception are high earners that want to keep the backdoor Roth open.
I always got to yelp to review financial services businesses 'cause they're so much likme pizza parlors. /s