The Bottom Line: 401(k) ripoffs per Terry Savage
"Over a 40 year work life, you could forfeit more than $660,000 in retirement savings if your plan charges excess fees totalling just 1 percent a year," reports financial columnist Terry Savage. "That should inspire you http://www.simplesitesbigprofits.com - http://simplesitesbigprofits.com - to check out costs in your company plan."I concur. Indeed, there's $2.7 trillion socked away in 401(k) plans alone -- not counting IRAs andthe government 403(b) plans. The fees for http://www.simplesitesbigprofits.com - http://www.simplesitesbigprofits.com - this kind of money can really add up. To find out what you can do about it, check out Ms. Savage's interview with the author of "Stop the 40l(k) Rip-off!"Her coverage provides tips for how you can work to calculatefees and save money in http://www.simplesitesbigprofits.com - http://simplesitesbigprofits.com - your own 401(k) or 403(b) retirement plan.Meanwhile, the U.S. Supreme Courthas ruled that the 50 million workers saving for retirement in company 401(k)scan sue their company for losses if the company mismanages http://www.simplesitesbigprofits.com - http://simplesitesbigprofits.com - their 401(k) funds. Mismanagement most often takes the form of neglecting to fulfill a worker's investment directives, but can extend into other areas of negligence or criminality.On background, this high-court decision overturns a Richmond, Va., US Circuit Court of Appeals finding that the Employee Retirement Income Security Act (ERISA) does not permit individuals to sue their 401(k) plan administrators for breaching "fiduciary duties."So, if you've suffered a loss in your 401(k) retirement plan, and can prove mismanagement, the new ruling from LaRue v. DeWolff paves the way.Subscribe to Gather.com today to make a comment on this article.