401k ?

[bookem dano]

My company just changed 401k providers. Instead of having shares, we now get units of our funds. We have the tickers for the funds, but if you go to any site like yahoo, msn, or any other quote engine, it gives you the price/share and not the price/unit.

1 - Is there an easy calculation to go from shares to units?
2 - Does any major product like quicken/money handle units instead of shares?
3 - We were told that price/unit is the industry standard. Is that so? If it is the standard and money/quicken don't support it, why not? We were told that money/quicken can't do it properly.

I realize that price/share and price/unit are the unit of measure and that the rate of return and other information is the same. I just like to have money tell me how well the thing has been doing and I like the ability to be able to reconcile my transactions with what they say my transactions are.

Any help is greatly appreciated.

 

[kranky]

Why can't your company's 401k rep tell you how to convert shares to units? Or doesn't that person even know?

Even with that limited amount of information, I have a feeling the whole idea of using "units" instead of shares is to make it hard for people to see how much is being paid in fees.

 

[bookem dano]

Originally posted by: kranky
Why can't your company's 401k rep tell you how to convert shares to units? Or doesn't that person even know?

Even with that limited amount of information, I have a feeling the whole idea of using "units" instead of shares is to make it hard for people to see how much is being paid in fees.

My thoughts exactly. We asked the rep and all we get is a stupid flyer about how 10 dimes is the same as 100 pennies.

 

[GasX]

Originally posted by: bookem dano

Originally posted by: kranky
Why can't your company's 401k rep tell you how to convert shares to units? Or doesn't that person even know?

Even with that limited amount of information, I have a feeling the whole idea of using "units" instead of shares is to make it hard for people to see how much is being paid in fees.

My thoughts exactly. We asked the rep and all we get is a stupid flyer about how 10 dimes is the same as 100 pennies.

And a nod's as good as a wink to a blindman...

 

[kranky]

Do you have a way to view each transaction in the 401k? For example, if you put money into four funds, do you see all four transactions and when they took place?

With that information, you can look up the "share" price of each fund on that day, see how many "units" you got for your money on the same day, and do a rough conversion.

 

[bookem dano]

Originally posted by: kranky
Do you have a way to view each transaction in the 401k? For example, if you put money into four funds, do you see all four transactions and when they took place?

With that information, you can look up the "share" price of each fund on that day, see how many "units" you got for your money on the same day, and do a rough conversion.

Yeah, it looks like I'll have to do it hat way. It's just quite annoying that they've made a change such as this. Is the unit thing actually the 'standard'?