401k plans are becoming the primary source for retirement savings for many Americans. But still, many retirement savers are in the dark. When it comes to the Oracle 401k plan, there are excellent resources available from human resources and the benefits team. But don’t stop there. Whether you are a current participant or a recently terminated employee, get an independent review. Make sure you’re not in the dark.
How does the Oracle 401k plan rank?
According to Brightscope, the Oracle 401k plan is above average compared to its peers. It receives a score of 83 which is 5 points less than the top rated plan of 88. Brightscope gives the plan kudos for low costs and an above average rating for “company generosity.” The company generosity category is based on the “plan’s vesting schedule, eligibility periods, and all the contributions to the plan for the sole benefit of the participants.” The plan has an “average” participation rate meaning there is room for improvement in this area.
Despite the high rating for low costs, the Oracle 401k plan was sued by 401k participants in 2016 alleging “excessive” record-keeping fees. It should be noted that Oracle is not alone when it comes to class action lawsuits. According to InvestmentNews in a January 27, 2016 article “It's the latest 401(k) suit in a string of cases that have cropped up over the past few months, with 11 major class-action suits filed against plan sponsors or providers in the fourth quarter of 2015 alone.”
The Oracle 401k has a broad list of investments to choose from. According to Brightscope, there are 35 investment options available. An investment lineup with 20 funds is more than enough to adequately meet the needs of most retirement savers. With 35 investments to choose from, participants may feel overwhelmed with options to consider.
Plan Service Providers
The Oracle 401k plan utlizes Fidelity Investments as the record keeper for the plan. Fidelity is who you would contact to make investment changes, update beneficiaries, and request distributions etc.
Do you have questions or need help?
If you have questions about your Oracle 401k plan, be sure to contact HR and the benefits team at Oracle. You can also contact Fidelity Investments directly via the link provided earlier in this post.
In addition, please feel free to contact me via this link. I offer prospective clients a free consultation. This is where we discuss your needs and identify the level of service that is right for you.
Have you recently terminated employment with Oracle? If so, you have some important decisions to make with regard to your 401k. Contact me today to get started.
Information contained in the article regarding the Oracle 401k plan, is based solely on publicly available information as reported on required tax and disclosure forms as of 2015. In addition, information was gathered from other media outlets. Do not base your investment or financial planning decisions on this article alone. Contact your benefits team, tax advisor, and financial professional to discuss your unique situation.