Question about 401k savings. If the company that my 401k is through goes broke, is my money gone too?

Question about 401k savings. If the company that my 401k is through goes broke, is my money gone too?
My 401k is in a well- known company, and all of the mutual funds within my plan are also managed by this company. I heard that this company recently laid off a lot of its workers, and of course there are all kinds of financial companies going bankrupt left and right. If this company goes bankrupt, what happens to my money in the mutual funds? Again, this is a big well-known company and has families of mutual funds of all kinds, but i won't say the name.


Answers:

Chosen Answer
SmartA$$:  Your money is invested into the market, not into this particular management company. If the management company goes bankrupt, then your company will choose a new management company for their 401k's, but your money won't be gone.
2008-11-10 09:18:37
golferwhoworks:  you should be ok as long as the money is not invested in your company's stock as it was with enron
2008-11-10 09:19:04