Have you receive a telephone or email inquiry regarding your 401(k) plan from someone you do not know?
All 401(k) plans have basic information including company name, trustee name, number of employees, fees paid and plan balances posted on the U.S. Department of Labor website. Some companies and individuals, local and around the country, harvest that data and contact the plan trustees, typically the business owner or manager, and attempt to alert them to problems with their plan.
Occasionally, some of the data is correct, often times it is not. In some instances, there is insufficient information on the U. S. Department of Labor website to glean the information necessary to make the assertions presented.
Please understand that these companies and individuals are utilizing scare tactics to canvassing your business for the purpose of managing your 401k plan assets for a fee.
If you receive such an inquiry we strongly suggest you speak with your current plan custodian, broker, financial consultants and/or your plan administrator. Those individuals most likely will be able to explain the reality of your plan and clarify any questions about any asserted issues.