Advertiser Disclosure

Fidelity Sued Despite Offering 7% 401(k) Match

Sept. 24, 2013
Brokers, Investing
NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.
  • More information regarding the lawsuit brought by Fidelity employees over the investment firm’s 401(k) plan: While Fidelity offers more than 150 investment options, nearly 85% of those plan’s assets are held in actively managed Fidelity funds. That said, the firm provides an 100% employer match for up to 7% of a worker’s salary and typically makes annual profit sharing contributions as well. There have been a slew of lawsuits in recent years claiming that companies are violating their fiduciary responsibility to act in the best interests of their employees – Wells Fargo, Walmart, and Merrill Lynch all reached multimillion dollar settlements with their employees in 2011 over excessively high fees in their 401(k) plans.
  • TD Ameritrade held their annual Investor Education Conference. Two of the most highly anticipated learning topics among attendees were portfolio strategies, followed by how to use options.