BUSINESS
December 27, 2006 | Kathy M. Kristof, Times Staff Writer
The Labor Department has filed suit against executives of two defunct textile firms, including one in Santa Monica, demanding the return of more than $100,000 in employee contributions to the firms' 401(k) plan. The suit, filed in U.S. District Court in New York on Thursday, alleges that Richard Haik and Mitchell Ostrover failed to forward employee contributions and loan repayments to the 401(k) retirement plan for employees of Beverly Trimming Co.
BUSINESS
January 27, 1990 | BILL SING
If you're one of the growing number of workers with a 401(k) company savings plan, take note: Some of your money may not be as secure as you think. Many participants in the popular 401(k) plans choose to place most of their money in fixed-income investments, putting less money in stock funds. If you choose the fixed-income route, chances are that your money will be put into so-called guaranteed investment contracts, or GICs.
BUSINESS
October 29, 2000 | JOSH FRIEDMAN
If your 401(k) plan has failed to keep up with other plans in terms of investment choices, or if you are otherwise unhappy with it, you can press for change. Though company managers tend to have a big stake in 401(k) decisions, they aren't the sole instigators of change. The moves are often spurred by rank-and-file workers who decide to lobby their company benefits office. Step 1 is to identify who at your company is responsible for overseeing the plan.
BUSINESS
September 6, 2000 | JUAN HOVEY
The Internet is making it easier than ever to offer your workers a 401(k) plan, perhaps the most popular employee benefit ever invented. The Profit Sharing/401(k) Council of America estimates that 340,000 U.S. companies offered 401(k) plans last year, up from 175,000 five years earlier. The plans covered some 41 million workers, up from fewer than 28 million in 1994, and the assets in their accounts totaled $1.7 trillion, according to the PSCA.
BUSINESS
May 10, 2006 | Walter Hamilton and Kathy M. Kristof, Times Staff Writers
Investigators for New York Atty. Gen. Eliot Spitzer are conducting a wide-ranging probe of public and private retirement plans, a spokesman said Tuesday, and are expected to reach a legal settlement soon with the state's teachers union over its endorsement deal with a major insurer.
NEWS
April 4, 2000 | PAUL J. LIM, TIMES STAFF WRITER
Change is a bit slower to come in the 401(k) marketplace than in the mutual fund industry as a whole. But change is coming, nonetheless, in terms of new investment choices for 401(k) plan participants. To be sure, you're not likely to see a "concentrated" Internet fund in your company-sponsored 401(k) any time soon. However, many 401(k) plans are allowing plan participants to be much more aggressive with their retirement money than in years past.