Mystery
I'm writing an article about 401(k) plans.
I wanted to write a side article about a model plan--one offered by a big, sophisticated company.
I decided on one of the biggest employers in Morris County, NJ. A company with a splendid reputation.
Talking wwith the people there, I kept asking if the company would reveal what choices were in its plan. I had already learned the match (I think it was 50 percent up to 6% of salary), what the default was (a money market fund). I had interviewed someone in benefits and was to interview someone else.
And then I was told: No, we will not reveal what our choices are. Why? I asked, dumbfounded. No reply.
Did I want to continue with the story? I was asked. A story about a company's fine 401k plan -- where I couldn't describe the 401k plan? No, I said.
What could the company expect to hide? All its employees know what's in the plan!
The company: Novartis.
I wanted to write a side article about a model plan--one offered by a big, sophisticated company.
I decided on one of the biggest employers in Morris County, NJ. A company with a splendid reputation.
Talking wwith the people there, I kept asking if the company would reveal what choices were in its plan. I had already learned the match (I think it was 50 percent up to 6% of salary), what the default was (a money market fund). I had interviewed someone in benefits and was to interview someone else.
And then I was told: No, we will not reveal what our choices are. Why? I asked, dumbfounded. No reply.
Did I want to continue with the story? I was asked. A story about a company's fine 401k plan -- where I couldn't describe the 401k plan? No, I said.
What could the company expect to hide? All its employees know what's in the plan!
The company: Novartis.
posted by WarrenBoroson at 2:31 PM
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