Experts Say Employees Can Exercise Control over 401 (k)s.

Byline: Amber Veverka

Feb. 2--This week, President Bush proposed tougher rules aimed at protecting 401(k) plans and told Americans that "employees who have worked hard and saved all their lives should not have to risk losing everything if their company fails."

But even as Congress considers bills to guard the 42 million Americans who invest in 401(k) plans from Enronesque disasters, experts say there is plenty employees can do themselves.

And the first thing they can do is find out exactly what their retirement benefits are.

"People are unaware of their benefits," said David Evans, president of AdviceFrameworks Inc. in Charlotte, a provider of 401(k) investment advice.

"Get that booklet from your (benefits department) and spend an hour or two and see if you're getting the best use of your benefits. A lot of these are like free money."…