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Lawsuit Alleging General Electric Ripped Off Its Workers Shows The Pitfalls Of 401(k) Plans

TedTed
in The Bullpen
FYI: C an your employer be trusted to manage your retirement fund exclusively for your own benefit? That’s the question raised by a lawsuit recently brought against General Electric Co., stating that the answer is a resounding no.

The case, filed Sept. 26 in San Diego federal court, concerns GE’s 401(k) plan, one of those defined-contribution plans that have increasingly supplanted traditional pensions for American workers. It alleges that GE managed the plan for its own benefit by loading it with mutual funds owned by its own subsidiary. The funds charged high fees while also underperforming the investment markets, a double-barreled drawback that cost employees millions in potential gains.
Regards,
Ted
http://www.latimes.com/business/hiltzik/la-fi-hiltzik-ge-401k-20171017-story.html

M* GE Family Of Funds:
http://quicktake.morningstar.com/fundfamily/ge-asset-management/0C00001Z3K/fund-list.aspx

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