The vast majority of 401(k) plans operate fairly, efficiently, and in a manner that satisfies everyone involved. But problems can arise. The Department of Labor lists signs that might alert you to potential problems with your plan:
- Consistently late or irregular account statements
- Late or irregular investment of your contributions
- Inaccurate account balance
- Losses that can’t be explained by market performance
- Investments you didn’t authorize
- Late or irregular payment of benefits to former employees
- Contributions that do not appear on your account statement
- Unusual transactions that appear on your account statement
- Frequent and unexplained changes in plan providers
- Recent financial difficulty for your employer
What to Do When Problems Arise
If you believe there is a problem with your 401(k) plan, contact your plan administrator or employer first. They may immediately agree that you have a valid complaint or they may be able to clear up any misunderstanding. If you're not satisfied with their response, there are a number of places to turn for help. Several are listed on the next page.
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