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Unfortunatly, most of us have no control and very little influnce over the options available in a 401K plan.
In your case the fact that your employer does not match any contributions is certainly a strike against participating in the plan. The tax deferal is of course typically the big advantage in 401k plans.
My suggestion would be to expore other tax deferal options first such as an IRA but participate in the 401k to the extent you can.
The expenses you mentioned do seem high but there is not much you can do about it other than discuss with your employer an improved plan.
Sales charges are typically reduced the longer you hold the fund so you might want to check into it. The 5% charge may only apply if you sell the fund in the first year and may go down 1% each year you participate so that after 5 years there is no sales charge.
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