February 21, 2006 |
Posted By Diane Pfadenhauer |
Rethinking the Security of Your 401(k)
The Workplace Prof Blog brings to our attention the growing concern regarding employees' 401(k) funds when a company falters. According to the post, some of the problems relate to the notion that someone from the company must approve the release of the plan funds. When a company goes under, often these people are difficult to find. They further note that the Department of Labor is considering regulations to address this issue.
A word to the wise is that when employees leave their money in a former employer's 401(k) plan, they should be keeping tabs on the company and where the money is. It's easy to forget about it.