so now I am worried..I do have a lot of my 401K money in a cash reserve account at Fidelity...what should I do...anybody?
A money market account that is not a bank money market account was/is not FDIC insured. If there is a 5 letter symbol next to your money market balance on your 401(k) statement, that is a ‘40 Act money market mutual fund.
My advice (which is free, so take it for what its worth) is to not worry about your money market fund. If you are paranoid, feel free to put it into the government bond fund your plan offers or international debt if you are able to and really worried.
Your non-FDIC insured money market fund is at no greater or less risk today than it was last week. My own assets are in my plan’s money market fund, a PIMCO total return fund, and a blended fund weighted to bonds and have been there since February.