It sounds like the change isn't a "done deal" yet, right? If that's the case, I have a radical suggestion: you should volunteer to be put in charge of the company's plan yourself (or to be a member/chair of the investment committee, which your company is supposed to have).
I'm going to offer up that suggestion, which is actually a great idea! For one, I'd actually enjoy it, I have a degree in Economics, and I'm in a numbers-y position so I think people would actually trust me to do it. Of course I'd love to make it opt-out at 1% (ala prevailing Behavioral Economics research) but that might be a bigger push. We actually aren't legally required to have an investment committee because of our size and tax status (501c3), but we *do* have an employee advocacy committee but it's been languishing for nearly a year, and this is a good forum to bring this up.
Sounds like it's time to look for a new job.
removing it would put your employer at competitive disadvantage in their ability to retain you as employee. if they are not willing to implement it, look for another job
That I *sincerely* do not want to do (I genuinely love my job and the organization, despite itself right now) but I am going to make it very clear that part of the reason I accepted a full-time job here (I was consulting/working part-time before) was access to the 401K and benefits. Taking away the 401K is seriously taking away a huge benefit, and I'm going to make a huge stick in the mud about what this does to my finances. It's not just the initial tax savings for me, too, I also qualify for the saver's credit because of my income, so this is double-screwing me.
Crap, maybe you are better off without a no match 401k if they just take your money until someone notices....
I can't even get over what a cluster this is. Our "admin/HR/finance" department is only one person, and it was vacant for nearly 6 months, which is I guess what led to this cluster- no institutional memory at all- I guess we didn't even have the login code for the Fidelity account. I've only actually qualified for the 401K 3 months ago, as you have to be here for a year before it triggers, and I guess I was the only one excited enough to email and enroll on the day I qualified (I suspect that's part of our low participation rate.) So I only lost 3 months of gains.
This sounds like an org that isn't on the ball and doesn't care about its employees.
It's more a case of being understaffed, but yea, I'm going to pitch a fit about this. I'm also the department that's the major source of revenue - nearly 50% - (my department of 1.5 raises as much as the department of 15 staffers) and hell, I'll go out and raise another $2400 for the org if they don't figure this out.