August 3, 2004
I would like to have the companies / corporations including
Non-Profit to inform employees the fees imposed on and by the company the employees. Also, Id like to know the sales charges imposed. Does the company who is administering the plan make .1 Or 20 on my money by doling it out?. Plus, any free offerings provided ie. Vacations,Bloomberg Terminals, Software,Meals,etc.
Finally, Whats the average time before the money is
sent to the Mutual Fund Incl. Shortest Longest for
1,3,5 years who benefits from the interest?
Currently, my new employer is offering a 403b plan which I have defered contributing to. The plan administrator has sent me 3 separate mailings to enroll plus the original one
presented at the employee orientation I never asked for these
forms to be sent to me. When I asked about fees I was told the
hospital pays all fees yet when I looked in the back of the material,the adminstrator would add fees to my purchase of shares.Also, If I wanted to know the amount ,I had to
write to them separately for each investment product
I called up the plan adminstrator after my 3 Or 4th
solicitation I wanted to know why they wanted my
so badly.I spoke with the company Plan Administrator
when I asked about fees ,she said the hospital pays
all fees. At least its not an annunity by a life Insurance Co.buying Mutual funds charging 3-5 fees Hopefully ,Less but I do not know. The representative was helpfull but evasive re. fees. I asked,
Would you buy items in a store without knowing the PRICE?
, She said , I do not understand what your talking about.
I ended the conversation. I then talked with HR at the Hospital re. fees she told me the afore mentioned spiel.
When pressed, she offered me info. regarding 401k offerings which - Suprise,Suprise ,offered Vanguard Funds I told her, HR representative did not
mention 401k offerings. She said,You have to ask , and I
thought to myself, How can you ask if you do not know.An aside, the hospital will match in the Non-Vanguard Mutual
Funds but not Vanguard Mutual Funds
I believe that when employees can have an CHOICE to use a
Discount Broker to have monies deposited used to purchase
- Mutual Funds, Stocks, Bonds,Options,REITS,etc will there be fairness in retirement offerings by Employers When I buy
thru my discount Broker, I KNOW what the Charges are including if my minimum account balance is low Or If I
buy whatever.
When I watch TV OR Read a magazine/ Newspaper WSJ 25-45
of ads are for mutual funds is a revealing fact
When there is 2x more Mutual Funds than stocks that tells me there is Money to be Made by Someone but not Investors
Thankyou, Mitch S.