Plans Can Change at Employer’s Whim
When you’re an employee, you can choose which funds you want to allocate your 401(k) to but you essentially have no power regarding the administration of the plan itself. That’s because a 401(k) plan is employer-sponsored, meaning you can only participate in one if your employer offers it.
If your employer wants to change providers, drop or add different funds, eliminate loan provisions or otherwise tinker with the specifics of the plan, you have no say in the matter. You might wake up one day to find that your all-time favorite mutual fund, which held the bulk of your 401(k) assets, is no longer part of your plan.
