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re: 401k meeting today. Right way to ask about high fees??
Posted on 10/27/16 at 4:15 pm to tirebiter
Posted on 10/27/16 at 4:15 pm to tirebiter
Size of the plan is very inportant here. 10 people with avg balance of $5k is going to have higher percentage expenses than a $2m plan with $350k in flow, etc.
I would just ask how often they get proposals from other vendors - they do have a duty to be paying attention. They don't have to pick the cheapest but they should have a reason for picking what they did pick.
I would just ask how often they get proposals from other vendors - they do have a duty to be paying attention. They don't have to pick the cheapest but they should have a reason for picking what they did pick.
1
Posted on 10/27/16 at 4:49 pm to Tigerstark
quote:
Size of the plan is very inportant here. 10 people with avg balance of $5k is going to have higher percentage expenses than a $2m plan with $350k in flow, etc.
That's a given and why I included the employee count. Still, to pay 2.00% fund ERs plus whatever other fees are tacked on in today's world should be noncompetitive unless the employer is tiny and/or doesn't understand the true plan costs. Depending on the OP's tax bracket he may be better off with a TIRA or Roth as he gets no match and fund costs are shite. If it helps tax wise keep pushing for the adoption of better options.
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