Most 401(k) plans charge 2-3% annually in fees that can eat 20-30% of your retirement balance over 20-30 years. Employers sponsoring these plans are legally responsible for monitoring whether those fees are excessive, creating real liability.
The fees and expenses charged within your company's 401(k) plan could be costing your employees as much as 30% to 40% of their retirement savings and creating a fiduciary liability for your business. Because administrative charges, investment expenses, and asset management fees typically amount to as much as 2% or 3%, and they're deducted from total plan assets 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 each 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, those fees are costing them 30 to 40% of their earnings. What's more, you, the employer, as the plan sponsor, have a fiduciary responsibility.
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