Just talked with my investment advisor at principal. I asked what were some of the reasons companies change 401k investors. They said that some of the reasons are service, fees, investment options, mergers or someone else is buying the company, . . . . They did say that usually they transfer to the new investment company AFTER they merge or are sold. I found the answers interesting since someone asked on this layoff board why they would have a layoff then change investment companies a few days later. Maybe CHK being bought out is in the works and they want to get everyone transferred over prior to the layoff . . . . . Since the employees will still be "employees" during the 60 day WARN period, it will give the company and fidelity time to get everything settled prior to the "termination date" being the end of the 60 day continued employment payment period. Just throwing around some thoughts . . . . What majors use Fidelity for their 401k????? No jokes, please.
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Fidelity is user friendly, and their fees are less than Principal. They are just easier to work with, and service is great with them when it comes to their funds/management. You will like the move.
Omg the paranoia on this site is comical! It's moving from a one horse pony provider to the top 401k carrier. I'm sure the fees will be lower and the service and features will greatly improved. Don't make everything a conspiracy theory! The changes in CHK over the last few years have saved and improved a once bankrupt and corrupt company. Don't forget in the old days under the corrupt, our match was only in company stock. Thankfully the new crew knew about Enron and changed that !!!
Where did you come from??? Chesapeake has been with the Principal since 2007. This is 2015. Crunch the numbers . . . On my calculator, that is about 8 years. In reading, it sounds more like the Chesadarko syndrome making them change now. The Anadarko's have been at CHK for a good two years now and had time to voice their whines about how their 401k was better. Dougie is just trying to please his buddies because that is all he is going to have left on the books and around campus is his buddies and their suck-ups come Jan 1.
They changed 401k companies just two years ago. I doubt it's anything like a merger or being sold.
Thank you for all the no-nonsense responses. That is how this website should be used - to assist and be of benefit to those with questions and stress!! The responses are appreciated.
Fidelity and Vanguard are very popular. Should be a nice improvement over the the old plan.
I wouldn't read in to it being a buyout our anything.
Makes no sense to change before a merger. You would merge, drop employees as needed and orphan their plans with the old provider, then move employees that are retained to the new provider. Moving with all employees means absorbing costs for accounts that are associated with people who won't be employees for long.
Lots of companies use Fidelity. BP did. Principal has the shittiest website I've been on in ten years. This is a good thing, especially if you like day trading your 401K with a mobile app.
I went through a merger last year. They changed 401ks after the deal was closed which was months after it was announced. So with nothing announced, don't hold your breath. It less work to do it after you layoff everyone after the merger anyway. Not before. Makes no sense.
oh, I get it . . . duh, APC is Anadarko. And yes, Chesadarko!!! Follow the leader!
Yes, I was wondering what Anadarko uses for their 401k
APC uses Fidelity for 401k but don't read too much into that as CHK has slowly become Chesadarko since Dougie and his cronies joined in 2013.