The site at www.401kFeeSaver.com features a free “fee checker” to calculates a 401(k) plan’s employee fee percentage. Employers enter their plan’s total assets (or average annual balance) and total investment product fees listed in their 401(k) plan fee disclosure document, and the checker produces an estimate and assessment of their plan’s fees.
“Now that sponsors will have a full accounting of their 401k fees with fee disclosure, many could be left wondering if they are paying too much,” said ShareBuilder 401k General Manager Stuart Robertson. “Our goal is to make it quick and easy for employers to review their company’s 401(k) plan and determine if they’re getting a good deal, or should consider a change.”
Robertson said employers should aim to keep plan fees below one percent.
Employers can also submit their fee disclosure documents to email@example.com, and within 48 hours, ShareBuilder 401k will return a breakout of potential cost savings for both employer-paid and employee-paid costs on an annual basis and over a five-year horizon.