Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays.
Curious as to how your 401(k) plan compares to others? Business Week just published a list of the worst 401(k) plans based on criteria such as participation rate, default rate, fees, and employer match (see also “The Best 401(k) Plans). The full list includes fifty plans. I’ve listed the twenty worst plans below.
- Darden Restaurants
- Big Lots
- Compass Group USA
- Bob Evans Farms
- MPS Group
- O’Reilly Automotive
- Best Buy
- Pep Boys
- CSK Auto
- Whole Foods Market
- Bon-Ton Stores
- Northrop Grumman
- Penske Automotive Group
- TCF Financial
The full list is heavily populated with restaurant chains and retailers. Other notable names include Borders, Kohls, Walmart, Burger King, Target, JC Penney, and Home Depot. Is your employer listed?
Oh, and here’s a bit of 401(k) trivia for you… Total 401(k) holdings across the United States stood at $3 trillion at the end of 2007. Fast forward one year to the end of 2008, and… Poof. $2.4 trillion. That’s $600B that just evaporated.
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