Here go the 401K plans

[galileoreloaded]

From Bloomberg/WSJ

http://online.wsj.com/article/SB121676894647675303.html?mod=sp_deals


"Despite the rally in banks stocks, struggling banks are still trying to raise capital, and some of the hardest hit are now considering selling their lucrative money-management units to raise cash.

National City Corp. is working with Morgan Stanley to shop its Allegiant Funds operation, according to people familiar with the matter. The division manages about $30 billion, about half of which is in its more than 30 mutual funds. The possibility of such a sale arose ..."

Hard to get sued when your not the Money Manager anymore...

[JDPriestly]

1. It depends

[lonestarnot]

2. I saw this coming long ago. Only safe place is under the matress.

[MonkeyFunk]

4. Really?

You don't think that's overstating things a bit?

[lonestarnot]

6. Ugh no. Ever try getting your money out? LOL. Have fun when you do.

[MonkeyFunk]

7. out of a 401k?

Yes, I have. No problem.

Do you really think the best investment is no investment? Just let inflation eat away at the cash under your bed?

I honestly don't understand why anybody thinks that's wise.

[lonestarnot]

8. Well that was not my experience. They have too much control. It was not fast and it was not easy.

And you made up the last part or I didn't clarify the time period for the matress. For now yes safest under the matress.

[MonkeyFunk]

9. I requested a withdrawal last year

I had a check mailed to me within 14 days.

There are laws governing this - perhaps you should contact a lawyer.

[lonestarnot]

10. I will not share the details of my experience here, but the ordeal took a very loooooooooooooooong

time. And it did take some assistance with the law, and since we don't have laws in this country any more, I pity the poor folks who have money in 401Ks and want it out now.

[MonkeyFunk]

11. well I'm telling you I'm a person with money in 401ks

and last October, I requested a withdrawal and got it with no problem whatsoever.


Was there some special situation you were in that you're not telling us about? Tell us exactly what happened.

[lonestarnot]

12. I just said I would not share the details here, but I do not trust them. Not 1 iota. Good luck

with yours.

[Name removed]

13. Deleted message

Message removed by moderator. Click here to review the message board rules.

[RebelOne]

14. I had no problem. I closed my account on Monday.

In the past quarter, I have lost $2,500, so before it was down to nothing, I closed it out. I'm going to put it in a money market or CDs.

[lonestarnot]

17. Must not have been an interesting enough of an amount for them to be bothered with hanging on to,

so glad you got your nickles back.

[Snazzy]

16. Was investigating conversion to cash today

20% fed withholding.

15 days to hook up with my bank, then some other so far nebulous period after that to do an actual transaction.

Meantime every option offered by this large fund, besides what I have, is tanking.

So clearly, let us keep your money seems to rule. YMMV.

[TexasObserver]

3. they rose with the Dow and Nasdaq, and they'll fall with them

The problem with 401Ks and other investors who go through advisers is that such advisers never tell their clients to get out when the DOW is 14K and move to high yield bonds.

[DaveJ]

5. I was hoping I'd be wrong

I've always been skeptical that the ubber rich would really let the 401k retirement concept pass without finding ways to steal the money from us. The have's alway steal from the have nots, in order to satisfy their unquenchable greed, so I doubt this will be any exception.

[shadowknows69]

15. We had to dump my wife's to cover some medical costs

I'm beginning to think that was the best use for it (timing) and probably the most she'd ever see out of it.