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Chapter 2. The Rules: Understanding Your... > Common Features of 401(k) Plans - Pg. 15

The Rules: Understanding Your 401(k) 15 · Plan administrator--This is the manager. The administrator is responsible for the day-to-day administration of your 401(k) plan. This is the person to whom you take questions like, "How come I'm not eligible to play?" The manager can usually be found in your benefits or finance department. Our Advice The IRS requires that employers update SPDs regularly, especially when there are "material changes" to a plan. However, most year-to-year changes fall into the "ho hum" category. Next year will be different. That's because technical and legal changes that have been coming for the past five years must finally appear in your brand spankin' new 2002 SPD. Extra, extra ... read all about it! · Record keeper--This is the umpire. This person lets you play the 401(k) game according to the rules. And he is always keeping score. The record keeper keeps track of your account, whether you're buying or selling, borrowing or withdrawing, coming or going. The record keeper will also send a score card, usually each quarter or at least each year, to tell you how you're doing--and if you're winning or losing. · Investment manager--This is your agent. He is out there to make money for you. Some do it well. Some don't. The sponsor is responsible for hiring and firing agents, not you. Rarely do