"Nobody, and I mean nobody looks out for your own money like you do. If these newsies don't see what's going on, then they're too stupid to be reporters..."
That is the number one credo, motto, and reality for any retired person. I started rolling over my 401k to a Fidelity IRA, shortly after I took early retirement just to see what I could do versus the 401k. After a few minor missteps, I did okay. Four years later, I still had about 60% in the 401 k because the fixed income payout was so good. Suddenly that rate started to drop and withdrawal restrictions became really tight like 2 x per year unless I went on an auto withdrawal.
The 401 fund was managed by Fido, and I ended up talking with one of the Fido guys. He said that if he was me, he would roll all of it over to my IRA and manage it myself. He had both accounts up, and he noted that my IRA investments were running about 10% per year ahead of my 401k. Also, the IRA had/has basically total flexibility re investments and withdrawals.
I did it, and we had a few sleepless nights. It was the best thing we have done. I spend at least 20+ hours per week just trying to keep up with what is happening.
A year afterwards, my wife had me roll one of her IRA's over to Fido, and it has outperformed her current 401k at less expense and more choices. She is staying in her 401k until she retires or turns 70, since it is a primary tax reduction vehicle and her employer does an excellent job of matching funds. When, she retires, we will roll it over to her Fido IRA.
update here:
http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003566178
Analysts Weigh in On Tribune Deal: Employee Ownership a Good Thing?
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Benchmark's Atorino puts the whole ESOP business into this perspective: "It will be enlightening to the employees to face the realities in the business world, particularly reporters -- don't take this personally -- who don't understand they are a business."