Comments on: Looking at 401(k) Fees http://allfinancialmatters.com/2006/04/26/looking-at-401k-fees/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Sat, 11 Feb 2012 20:32:19 +0000 hourly 1 http://wordpress.org/?v= By: Dan Peters http://allfinancialmatters.com/2006/04/26/looking-at-401k-fees/comment-page-1/#comment-441095 Dan Peters Fri, 11 Dec 2009 20:09:27 +0000 http://allthingsfinancialblog.com/2006/04/26/looking-at-401k-fees/#comment-441095 Are the fees of 1% quarterly or annually? Are the fees of 1% quarterly or annually?

]]> By: John Moynihan http://allfinancialmatters.com/2006/04/26/looking-at-401k-fees/comment-page-1/#comment-67853 John Moynihan Sun, 28 Jan 2007 17:08:19 +0000 http://allthingsfinancialblog.com/2006/04/26/looking-at-401k-fees/#comment-67853 The key to fee disclosure is to have your vendor ( the company that is providing the platform ) and the investment advisor to be a co fiduciary in writing. This requires them to act in the particpants best interest by law. I would suggest that you have them prepare a one page fee disclosure form that they sign and that can be presented to plan particpants for their signature. This must state that they are NOT receiving ANY revenue other than what they are disclosing. The key to fee disclosure is to have your vendor ( the company that is providing the platform ) and the investment advisor to be a co fiduciary in writing. This requires them to act in the particpants best interest by law.

I would suggest that you have them prepare a one page fee disclosure form that they sign and that can be presented to plan particpants for their signature. This must state that they are NOT receiving ANY revenue other than what they are disclosing.

]]> By: sam scott http://allfinancialmatters.com/2006/04/26/looking-at-401k-fees/comment-page-1/#comment-24247 sam scott Thu, 07 Sep 2006 20:40:23 +0000 http://allthingsfinancialblog.com/2006/04/26/looking-at-401k-fees/#comment-24247 It's truly amazing how many people are unaware of the hidden fees inside insurance company retirement plans. We are a 'fee-only' retirement plan provider and compete regularly against the big insurance companies (and almost always win after showing the layered expenses). Great West is one of the best at hiding their fees. We are talking to a firm that swears they are only paying for the mutal fund expenses - and therefore, not paying Great West anything except for the Admin charges. Yeah right! They are on their Net Asset Value (NAV) platform. How can we find literature to prove to them that they are also being charged wrap fees. The Act of 1940 says that insurance products are exempt from full disclosure (hence, no fund symbol etc). Any concrete documentation would seal this deal. Please send response to samrscott@hotmail.com if you know. Thanks. It’s truly amazing how many people are unaware of the hidden fees inside insurance company retirement plans. We are a ‘fee-only’ retirement plan provider and compete regularly against the big insurance companies (and almost always win after showing the layered expenses). Great West is one of the best at hiding their fees. We are talking to a firm that swears they are only paying for the mutal fund expenses – and therefore, not paying Great West anything except for the Admin charges. Yeah right! They are on their Net Asset Value (NAV) platform. How can we find literature to prove to them that they are also being charged wrap fees. The Act of 1940 says that insurance products are exempt from full disclosure (hence, no fund symbol etc). Any concrete documentation would seal this deal. Please send response to samrscott@hotmail.com if you know. Thanks.

]]> By: ttarr401k http://allfinancialmatters.com/2006/04/26/looking-at-401k-fees/comment-page-1/#comment-15002 ttarr401k Fri, 21 Jul 2006 13:19:31 +0000 http://allthingsfinancialblog.com/2006/04/26/looking-at-401k-fees/#comment-15002 bunny, Good luck w/ Great West. You have $1650 as a admin fee plus the expense ratio on the funds (held in separate accts)That they tack on extra fees. plus they charge you a wrap fee on your assets..... GOOD WORK... You are locked into a group annuity contract... SMART MOVE... Do they have a surrender charge? cna you look up your funds in the paper daily..NO. Cause they are clone funds held in serarate accts.... Talk to a professional next time ... bunny, Good luck w/ Great West. You have $1650 as a admin fee plus the expense ratio on the funds (held in separate accts)That they tack on extra fees. plus they charge you a wrap fee on your assets….. GOOD WORK… You are locked into a group annuity contract… SMART MOVE… Do they have a surrender charge? cna you look up your funds in the paper daily..NO. Cause they are clone funds held in serarate accts…. Talk to a professional next time …

]]> By: keith http://allfinancialmatters.com/2006/04/26/looking-at-401k-fees/comment-page-1/#comment-6914 keith Fri, 09 Jun 2006 01:04:06 +0000 http://allthingsfinancialblog.com/2006/04/26/looking-at-401k-fees/#comment-6914 I design 401K plans for a living - Anyone using an Insurance company and paying a fee on their assets is being ripped off. There are great companies out there that don't charge these fees even for start up plans. I run into plans with $5 million dollars in them with a Nationwide or John Hancock being charged 1% - that is over $50,000 a year!!!! We do it for usually under $4,000 for large companies. Insurance companies should be run out of the 401K world. Have a great day. I design 401K plans for a living – Anyone using an Insurance company and paying a fee on their assets is being ripped off. There are great companies out there that don’t charge these fees even for start up plans. I run into plans with $5 million dollars in them with a Nationwide or John Hancock being charged 1% – that is over $50,000 a year!!!! We do it for usually under $4,000 for large companies. Insurance companies should be run out of the 401K world. Have a great day.

]]> By: Free Money Finance http://allfinancialmatters.com/2006/04/26/looking-at-401k-fees/comment-page-1/#comment-3379 Free Money Finance Fri, 28 Apr 2006 13:35:06 +0000 http://allthingsfinancialblog.com/2006/04/26/looking-at-401k-fees/#comment-3379 <strong>Star Money Articles for the Week of April 24</strong> Here are interesting posts and news this week from the MoneyBlogNetwork members and beyond: Consumerism Commentary discusses fancy weddings on a budget. AllFinancialMatters looks at 401k fees. MightyBargainHunter introduces us to the Second Life eConom... Star Money Articles for the Week of April 24

Here are interesting posts and news this week from the MoneyBlogNetwork members and beyond: Consumerism Commentary discusses fancy weddings on a budget. AllFinancialMatters looks at 401k fees. MightyBargainHunter introduces us to the Second Life eConom…

]]> By: Mike http://allfinancialmatters.com/2006/04/26/looking-at-401k-fees/comment-page-1/#comment-3327 Mike Thu, 27 Apr 2006 21:00:57 +0000 http://allthingsfinancialblog.com/2006/04/26/looking-at-401k-fees/#comment-3327 Great post. At our company, we do get charged an Administrative Fee for handling of our account, but we do not forward this charge on to our employees. Very interesting post! Great post. At our company, we do get charged an Administrative Fee for handling of our account, but we do not forward this charge on to our employees. Very interesting post!

]]> By: Bunny http://allfinancialmatters.com/2006/04/26/looking-at-401k-fees/comment-page-1/#comment-3314 Bunny Thu, 27 Apr 2006 16:32:31 +0000 http://allthingsfinancialblog.com/2006/04/26/looking-at-401k-fees/#comment-3314 I am in charge of the 401k at work and we are in the process of changing plans because of fees. Not the mutual fund fees, but the plan administration fees. We are currently with John Hancock, and their plan fee is just over 1%. We're switching to Great West who is giving us a 0% plan fee in exchange for the company paying $1,650 as yearly fee. Great for everyone. The company writes it off and the employees get an additional 1% return!! I'm happy about it! I am in charge of the 401k at work and we are in the process of changing plans because of fees. Not the mutual fund fees, but the plan administration fees. We are currently with John Hancock, and their plan fee is just over 1%. We’re switching to Great West who is giving us a 0% plan fee in exchange for the company paying $1,650 as yearly fee. Great for everyone. The company writes it off and the employees get an additional 1% return!! I’m happy about it!

]]> By: tk http://allfinancialmatters.com/2006/04/26/looking-at-401k-fees/comment-page-1/#comment-3311 tk Thu, 27 Apr 2006 14:00:04 +0000 http://allthingsfinancialblog.com/2006/04/26/looking-at-401k-fees/#comment-3311 Great post. It would be interesting to see how much of the of the company match is eaten way by these higher fees. Great post. It would be interesting to see how much of the of the company match is eaten way by these higher fees.

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