Help figuring out retirement fund...

[readytorock]

I'm not even sure what kind of retirement fund it is. The company's handbook calls it a "Discretionary Profit Sharing Retirement Plan" to which they make quarterly contributions. I don't know if I too can contribute and if they will match anything yet, calling the business office today to find that out.

I just found out I had a retirement plan here, so I went to get more info. I got a copy of the latest statement (I moved right after being hired so the statements were going to my old address for the last five years) just a week ago.

It says that all of my investments are in the Oppenheimer Cash Reserves. I googled them and found that Oppenheimer seems to be an investment firm, or brokerage? Does this mean the money is just sitting there and isn't being used towards certain stocks? Does this mean I get to pick and choose (within Oppenheimer's options) how and where the money will be invested?

I'm confused.

[cooliemae]

Yes Oppenheimer is an investment firm and it looks like the cash reserves are simply a money market account.

I would definitely be talking to your company to figure out the details of their retirement plan because if all you have to choose from is a money market for retirement, then I think you need to be looking else where to invest your money.

[readytorock]

Thanks! Got a little more info from the business office today. It's a 401(a) which, according to a google search, I'm not allowed to contribute to?!

The business office has an informational packet they put together for me that I'm going to stop by and grab tomorrow on my way into the office, so I'll know more then.