Employee Fiduciary has released its database of 401(k) fee comparisons compiled from live data over the last twelve months.
The database reveals fees charged to small business retirement plans. It identifies plan providers by name and provides searchable data that allow plan sponsors to compare and benchmark their current plan fees.
The database is sorted by service provider. After choosing a provider, a visitor can search comparisons based on plan assets and participant count. Visitors can also request a custom fee comparison for their 401(k) plan by submitting their service provider’s 408(b)(2) disclosure document and a current statement of assets.
“We’ve been doing these fee comparisons for a year now. We felt that sharing the data on a new web page would be invaluable to 401(k) sponsors when evaluating service providers. It will also give them an opportunity to benchmark their current fees and better evaluate alternatives,” says Eric Droblyen, chief operating officer and president of Employee Fiduciary. “Too many 401(k) fees do not appear on plan sponsor invoices or participant benefit statements. These ‘hidden’ fees can be easily undervalued since they’re not transparent. We want 401(k) stakeholders to know the total cost of their plan so they can make plan decisions accordingly.”Employee Fiduciary, LLC, founded in 2004, is a 401(k) plan provider for small businesses headquartered in Mobile, Alabama.