These ‘hidden’ fees can be easily undervalued since they’re not transparent.
Mobile, AL (PRWEB) September 29, 2015
Employee Fiduciary has released its database of 401k fee comparisons compiled from live data over the last twelve months. The database lifts the lid on the overly complex and often misleading 401k fees charged to small business retirement plans. The database identifies plan providers by name and provides searchable data that allow plan sponsors to compare and benchmark their current plan fees.
The 401k fee comparison database is sorted by service provider. After choosing a provider, a visitor can search comparisons based on plan assets and participant count. Visitors can also request a custom fee comparison for their 401k plan by submitting their service provider’s “408(b)-2” disclosure document and a current statement of assets.
“We’ve been doing these fee comparisons for a year now. We felt that sharing the data on a new web-page would be invaluable to 401k sponsors when evaluating service providers. It will also give them an opportunity to benchmark their current fees and better evaluate alternatives. To our knowledge, this is the first time any company has provided such detailed information to the public at no cost…Too many 401k fees do not appear on plan sponsor invoices or participant benefit statements. These ‘hidden’ fees can be easily undervalued since they’re not transparent. Since both transparent and hidden fees reduce participant returns, they are equally important. We want 401k stakeholders to know the total cost of their plan so they can make plan decisions accordingly.” Eric Droblyen, COO and President of Employee Fiduciary.
The Employee Fiduciary fee comparison service was originally created as a response to insufficient Department of Labor (DOL) fee disclosure regulations. “Because the DOL did not mandate a standard disclosure format, many providers used their discretion to effectively bury 401k fees in pages of dense language. Plan fiduciaries are unable to sort out the fees they are paying. Our service is a direct response to overcoming the inadequacies of the current regulations.” Eric Droblyen, COO and President of Employee Fiduciary.
For general inquiries about Employee Fiduciary services, please contact us at info(at)employeefiduciary(dot)com or call toll-free (877) 401-5100.
About Employee Fiduciary
Employee Fiduciary, LLC, founded in 2004, is a 401k plan provider for small businesses headquartered in Mobile, AL. Employee Fiduciary provides retirement plan recordkeeping and administration. Serving over 2,500 small and growing businesses, the company provides low-cost 401k services to value-oriented business people nationwide.