I like ESP, I don't like company stock in a 401k (or at least no more than 10%). Your 401K should be a highly diversified investment. Having 10%+ in one position would not result in a diversified investment. Also, companies can FREEZE the stock in a 401k. That is why Enron was ENRON. Those still working had their stock frozen in the 401k and they were not allowed to sell it. If you owned it outside of your 401k, You should eventually have access to the sale of it and/or rolling it out into your own brokerage account. Plus, in a 401k, you can only buy/sell when the plan administrator decides. Sometimes this can be good but don't always count on it; especially if the stock if tanking and you want to get out of it.
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