Jen asked in Business & FinanceInvesting · 7 months ago

Can My employer require me to use only the 403b company they have chosen? Shouldn’t I be able to choose who I want to invest with?

8 Answers

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  • 2 months ago

    No you have to invest in the companies they offer

  • 7 months ago

    Nope. Their plan, their rules. You are free to do additional outside investing with whoever you want.

  • RICK
    Lv 7
    7 months ago

    Nope you don't have a choice

    Some companies give you a range of choices, even then the choices are usually different funds from the same company

    Others say here take it or leave it

    Both are perfectly legal

  • Judy
    Lv 7
    7 months ago

    No, doesn't work that way.Each company sets up their 401k or 403b plan with a certain company as custodian, and if you want to participate in it, you go with that company. You can set up and IRA instead with any company that offers one, but would not be in the 403b so would not get any employer match.

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  • 7 months ago

    It you want to invest in a 401K, a 403B, a 457 plan or any other employer sponsored retirement plan, it will ALWAYS be the employer's choice of retirement company and retirement funds available.

    - This is how employer sponsored retirement plans work.

    When you leave you can roll-over the money to any IRA you want.

    Your options are to use their option or put the money somewhere else where you won't get a company match (if available) and you will likely have less benefits.

  • 7 months ago

    Shouldn’t I be able to choose who I want to invest with?

    No, that's not the way it works. They choose the company. If you don't want to use their company, then you invest someplace else. And forgo the company match.

  • 7 months ago

    If you wish to participate in your employers 403b plan, yes.

    You are not required to participate.

  • Anonymous
    7 months ago

    You have 100% control over where you invest your money. If you want to invest somewhere other than your employer's 403b plan, you are free to do that. If you want to participate in your employer's 403b plan, you are going to have to agree to the terms of the plan.

    All choice. No force.

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