What Do You Pay for Your 401(k) Plan?
The average small-business 401(k) plan participant pays an annual, asset-based fee of 2.12%; a fee which is often 5 to 6 times greater than what employees at larger companies are charged. Although the reasons for this are many, the result is the same– small-business 401(k) plan participants suffer greater loss of savings and reduced retirement readiness, compared to their large company colleagues.
Why Should You Care?
Not only does a well-run retirement program help you attract and retain the best employees, but the Department of Labor (DOL) states that plan sponsors (Employers) have a responsibility to ensure that 401(k) service provider fees are reasonable relative to the services provided. In our experience, this is easier said than done, as service provider fees are often not easy to decipher or compare. But we can help by providing you with a complimentary fee comparison, like the one below:
Request your complimentary & confidential 401(k) fee comparison today.