New JB 401k
11-01-2016, 10:13 AM
#21
facing forward
Joined APC: Sep 2006
Position: forward facing stick actuator
Posts: 290
I talked to one of my best friends who has empower and is also very knowledgeable in the financial industry.
He had nothing bad to say about empower and has had no bad experiences with them.
As he explained it Empower doesn't manage the funds at all they are just a custodian of the money and that is it.
The employer will tell them what funds to offer to you. The employer also just sends over the cash to them in a one lump sum amount into a general account. They also include directions as to what $$$ goes into each persons account and that is it.
Time will tell if this is good or bad us. If needed negotiate it into the CBA.
In my limited understanding the company also has fiduciary responsibility to run the 401k effectively. If TRP was not the best option I believe the company could open itself up to litigation for that as well. I am not sure how all of that works but that is my current understanding.
Just my .02 worth.
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He had nothing bad to say about empower and has had no bad experiences with them.
As he explained it Empower doesn't manage the funds at all they are just a custodian of the money and that is it.
The employer will tell them what funds to offer to you. The employer also just sends over the cash to them in a one lump sum amount into a general account. They also include directions as to what $$$ goes into each persons account and that is it.
Time will tell if this is good or bad us. If needed negotiate it into the CBA.
In my limited understanding the company also has fiduciary responsibility to run the 401k effectively. If TRP was not the best option I believe the company could open itself up to litigation for that as well. I am not sure how all of that works but that is my current understanding.
Just my .02 worth.
Sent from my iPhone using Tapatalk
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