Employers looking to switch plan providers can compare the costs of different expenses on up to three major recordkeepers through the new 401(k) cost estimator, released by ForUsAll.
Human resources and administration officials can feed the free tool their companies’ number of employees and total plan assets to get side-by-side comparison of fees for recordkeeping, administrative services, fund lineups and custodial expenses among three leading recorkeepers. The service also factors in ForUsAll’s advisory fee, which varies based on plan size.
Plans with up to $250,000 would be charged a $200-a-month employer fee and an advisory fee at .35% of assets. Plans with larger assets pay no employer fee, but are charged varying advisory fees.
ForUsAll says, “The goal is to provide transparency for anyone looking to switch plans so that they understand what they can save in time and money.”
Employers planning to offer a 401(k) for the first time can also use the tool to compare prices and explore the various fees and costs surrounding the administration of a retirement plan for its particular size of employees.
More information about the 401(k) cost estimator is available at ForUsAll.com