What rights do I have to know what securites are in my company's 401k?

Question

My employer sends a report showing the holding in my 401k, but only at year's end. I want to know if I have a right by statute or rule to get such information more frequently, such as semi-annually or quarterly. A cite to the law or rule will also be appreciated.

Answer 1

I'm not sure your question makes sense to me:  the investment decisions for 401(k) are determined by you -- the employee.  The 401(k) committee or adviser determines what funds or investments are offered, but you determine what your money actually buys.

The law requires that 401(k) participants are informed of the "health" of their fund once a year and the participants have the option to change and review the performance of their investments "on a regular basis."  

However, "on a regular basis" is generally up to the particular plan.  Typical plans allow changes monthly by paper...up to daily on line.  The typical plan will send a quarterly statement to participants showing balance changes during the last three months.

If it is the particular securities the funds own, you can get that on line at yahoo, msn, or morningstar.

Answer 2

I have not heard of any law or statute which governs the reporting on individual 401k plans.  As far as I know, this is spelled out by each plan's document, which setup the plan.  But once a year for the prospectus & annual reports is about right.  

My 401k is with TRowe Price & I get this info once a year.  But what is it you hope to accomplish, even if you had this info more often??  I guess I just don't see the point.

Answer 3

I do not know of any requirements requiring more frequent statements.  Now as to what your individual plan's rules are is a different matter.  It could be your company has opted for annual statements in order to save on administration costs.  You may also be able to get access to that information online.

You are certainly within your rights to request more frequent statements, but unless your plan allows it, it won't happen.

Our plan is a self-directed plan and employees can access their accounts via web or phone.  They choose the funds to invest in, etc.

Check with your company's plan administrator to find out if you can:

A.  Get information to go on line.

B.  Request more frequent statements.

Answer 4

if it is a 401(k), it is your 401(k). you are supposed to make the investment decisions. statements usually come quarterly, and i do not know if anything else is required by statute.

my 401 is accessible by internet. many others are as well.

if your employer is managing the investments it is not a 401(k).