Do this if you don't like your 401(k) plan's fees:
“You should submit your concerns to the HR department and encourage co-workers to do the same,” says Mark Fonville, CEO and President and Financial Advisor at Covenant Wealth Advisors in Richmond, Virginia. “Plan providers don’t want to ruffle the feathers of their workforce. If they get enough complaints, depending upon the size of the company, then change is more probable.”“A simple petition can be drawn up and signed by the employee group requesting that the fees be benchmarked,” says J.
“Plan participants should voice their concerns during educational meetings provided by the plan,” says Fonville. “This strategy makes the issue known but also does it in a public format where everyone hears the issue. A statement like ‘our plan appears to cost far more than other plans available. I’m concerned that this is impacting my ability to grow my retirement savings over time. What evidence can you show me that illustrates our plan is indeed a low-cost plan vs. other employers our size.
“If after a plan benchmark is completed and the fees of the plan have appropriately been identified as ‘higher than normal OR higher than industry standard,’ this must be brought to the attention of the employer,” says Louimeus. “From this point, depending on the actions of the employer, employees may want to seek legal action.
“The only real recourse that plan participants have if they believe their fees are too high, beyond complaining to their company, would be to roll their money into a traditional IRA,” says Josh Simpson, Vice President of Operations and Investment Adviser with Lake Advisory Group in Lady Lake, Florida. “The problem with the rollover option is that some plans will only allow a set number of in-service withdrawals, .
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