Products January 19, 2010
BrightScope Unveils Participant 401(k) Fee Report
January 19, 2010 (PLANSPONSOR.com) - BrightScope has unveiled its new Personal 401k Fee Report for participants.
Reported by Ellie Behling
The tool, available for free to
registered participants at http://www.BrightScope.com, asks participants for
their age and salary. It then asks participants to select a plan they contribute
to and enter how much they contribute. If the plan is in the BrightScope
database, it will list funds for participants to enter amounts next to.
The database then collects the data and presents the percentage fee the participant pays—as well as a comparison of those fees to an IRA. Participants can also view a more detailed report telling them the dollar and percentage cost of each fund in their lineup.
The service provides “unprecedented transparency,” said Mike Alfred, CEO and founder of BrightScope, a provider of independent retirement plan ratings and investment research, in a news release. “With a comprehensive database of more than 30,000 401(k) plans, we’re uniquely positioned to deliver a vital resource to millions of Americans unaware of how much of their retirement savings is going to fees each year.”
The database then collects the data and presents the percentage fee the participant pays—as well as a comparison of those fees to an IRA. Participants can also view a more detailed report telling them the dollar and percentage cost of each fund in their lineup.
The service provides “unprecedented transparency,” said Mike Alfred, CEO and founder of BrightScope, a provider of independent retirement plan ratings and investment research, in a news release. “With a comprehensive database of more than 30,000 401(k) plans, we’re uniquely positioned to deliver a vital resource to millions of Americans unaware of how much of their retirement savings is going to fees each year.”