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My employer just began a 401(k) plan, and we're using Principal as our 401(k) provider. They offer 17 mutual funds as vehicles within the plan, and, to my knowledge, that's it. The problem I'm finding is that all of them - including the S&P 500 Index Fund - are load funds. The Index Fund load is a whopping 4.75%!!!

1) Do I have any options to go renegade and invest in a non-load fund that's not "officially" offered by my plan?

2) Does anyone have an opinion as to whether or not it is still a good idea to fund the 401(k)??

I don't like the idea of losing 5% automatically every time I invest. Is there some other way I should be looking at this?

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