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re: 401k meeting today. Right way to ask about high fees??
Posted on 10/26/16 at 11:11 am to jammintiger
Posted on 10/26/16 at 11:11 am to jammintiger
Thanks for the insight. and maybe I'm wrong. The last company i worked for was one of the largest in the nation for that industry. My current one is very small. So maybe it's not as bad as I think. But it's way higher than my last, no match, and few options.
I would just like to know if the benefit guy even knows anything about the fees or where they go.
I would just like to know if the benefit guy even knows anything about the fees or where they go.
Posted on 10/26/16 at 8:54 pm to ragacamps
Take it up with your employer's plan administrator. How big is the total plan? There are new regulations that go into effect April 2017 which should benefit the plan participant. Plan sponsors and fiduciaries have to act in the best interest of the plan participant. Go figure. The big companies like Fidelity and Vanguard will now be able to act as a fiduciary and advisor for small plans less than $50 million and that may allow your company to dump the current plan advisor and lower your fees. There are a wave of 401k lawsuits that are targeting plan sponsors for bad fund selection and high fees. I've been trying to get rid of our plan advisor for 2 years and this regulation will finally allow me to do so.
Posted on 10/27/16 at 4:48 pm to ragacamps
Could be illegal...especially if your company didn't run the plan through an ERISA attorney
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