Your company's 401(k) fees might be costing employees 20-30% of their retirement savings. Annual plan expenses of 2-3% shrink a 7-8% return down to 4-5%, compounding over decades. High fees also expose employers to fiduciary liability.
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 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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