A 401k with typical fees of 2-3% annually can cost employees 30-40% of their retirement savings over a career. A 1% annual fee alone compounds to a 20-30% reduction over 20-30 years, cutting a 7-8% gross return down to just 4-5% net.
Within your company's 401(k) plan, the fees and expenses charged to employee accounts could be costing your employees as much as 30 to 40% of their retirement savings and creating a fiduciary liability for you and your business. Because administrative charges, investment expenses, and money management fees on a company's 401(k) plan typically amount to as much as 2 or 3% of every dollar in every account every year. Now, 2 or 3% might not seem like much, but every 1% your plan charges in annual fees over 20 or 30 years of employment reduces an employee's retirement savings by 20 to 30%. Or think of it like this: if an employee's 401(k) grows at an average rate of 7 or 8% a year and they pay 2 or 3% in annual fees, Their net annual growth rate is only 4 or 5%, not 7.
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