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Trader Joe's 401k ERISA Lawsuit

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  • #16
    Ha - for those vaguely aware of my series of posts about this matter (hi Kon), my employer is still dragging their feet on changing our Edward Jones-brokered plan full of American Funds and Lord Abbett.

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    • litovskyassetmanagement
      litovskyassetmanagement commented
      Editing a comment
      Yes, they don't really care until its their own money at stake (which is why group plans are the quickest to demand and implement change). If there is any middle management or partners who get advice from the same firm that manages the plan (totally a breach of their fiduciary duty), then you are out of luck (unless you want to go the ERISA attorney route, which is probably not going to happen unless your plan is a 'whale', which is why they are going after big plans first).

      You can email this article to the plan sponsor (if you dare), and see what they say. It is not losing the lawsuit, but having to go through with one, that is a threat, as you never know what the result might be because precedents are being created as we speak.

  • #17
    I think this part of the evolution of retirement savings. It is BIG BUSINESS. Pensions to 401k’s to mutual funds to ETF’s to index mutual fund a lot of consensual “you scratch my back and I’ll scratch yours” is still in the system. Marketing backed by deals keeps one employed and earns bonuses.

    Proof? My Christmas card !
    signature followed by typing,
    Abigail P. Johnson
    Chairman and CEO
    Fidelity Investments

    No lunch, no Christmas party, just a printed personal touch. Thanks Abby!
    Don’t look for government to make more improvements.

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