For plan sponsors, www.401kcomparison.com offers tools to help plan sponsors compare their current 401(k) plan with a low-cost plan (priced at less than 1% in fees). The tool requests information from a plan sponsor’s new fee disclosure document and produces a five-year projection of the company’s current plan versus a low-cost plan, including both employer-paid and employee-paid expenses.
For participants, www.401kfeefighters.com tools aim to help employees with the calculations and understanding of 401(k) fees, and provides tips to help lower plan expenses and maximize 401(k) savings. It also includes tips about how to approach employers with ways to lower costs.
A recent survey by ShareBuilder401k found that 83% of employers still have questions about their 401(k) fee disclosure notices and are unsure about next steps (see “Fee Disclosures Cause Confusion”).
“The new 401(k) disclosures are intended to provide greater access to and understanding of 401(k) plans, but a lot of confusion remains,” said ShareBuilder 401k President Stuart Robertson. “These new tools are designed to help employees and employers better understand their 401(k) plans and inherent costs—and most importantly, learn ways to lower fees so they’re positioned to save more for retirement.”
For more information, visit www.sharebuilder401k.com.