It's finally happening. About 8 months after we launched the process, and about two months after we signed and sealed the official papers, this morning we will be holding the official employee meetings to announce the change of our 401(k) plan.
We are dumping our current plan with ING because of unsatisfactory returns, lack of transparency, high costs and a complete lack of index investing alternatives. Our new plan with ADP will offer very nice bells and whistles, including a wide range of index investment options, as well as highly rated actively managed funds (for those who insist on paying management fees without good reason); a ROTH 401(k) option and even a self managed 401(k) option for those employees that want more control of their financial futures. Even the good people at our finance department have something to grin about - ADP's 401(k) platform is integrated with their pay-roll management services, so there will be much less work for our accounting folks come pay-day.
For me, this day marks a personally satisfying milestone. I initiated the efforts to replace our 401(k) provider and led the search for a new provider, as well as most of the process to this point. So, if things don't work out as planned, my fellow employees are not going to like me very much. Of course, about $50K of my own money is in the plan, so I had a very strong financial incentive to make sure we got the best possible deal. I am just glad to see the train pull out of the station after such a long incubation period (I am also good at mixing metaphors, in case you haven't noticed).