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Your 401(k) will likely be the largest asset you ever own, yet most participants know almost nothing about how their plan actually works. In this comprehensive guide, ERISA attorney Charles Field walks through everything you need to understand: where to find your annual disclosure statement, what it reveals about your investment options and fees, how to evaluate fund performance, and how the full spectrum of 401(k) investments works, from the safety of money market funds to the volatility of emerging market equities. Field also explains how target date funds automatically rebalance your portfolio as you approach retirement, and identifies the key documents every plan participant should review on their plan’s website, including the fund fact sheet and the summary prospectus.
Charles Field is Co-Vice Chairman of Sanford Heisler Sharp McKnight, a nationally recognized ERISA and employment law firm, and Co-Chair of the firm’s Financial Mismanagement and ERISA Litigation Practice Group. He spent 17 years as General Counsel at an institutional investment management firm before building one of the country’s leading 401(k) participant advocacy practices. The firm has represented approximately one million retirement plan participants and recovered more than $150 million on their behalf.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
