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Best Buy's 401(k) Meltdown
Forbes; subscription may be required Nov. 25, 2012
"As hard as times are for investors in Best Buy's shares, far grimmer is the plight of the 110,000 employees participating in the company's approximately $1 billion 401(k) plan. Not only do they have to worry about possibly losing their jobs if the company can't right itself, their so-called retirement plan is heavily invested (17%) in company stock. Assuming the company stock in the plan has lost half its value this year, employee retirement assets have likely taken a near 9% hit.... To add insult to injury, Best Buy's 401(k) participants have been paying over a million a year to financial advisors involved in the design and administration of an optimal retirement plan for them[.]"
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