Reason Why You Don't Know How Much You Pay in Fees on Your 401k Plan
Reason Why You Don't Know How Much You Pay in Fees on Your 401k Plan
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Home Page > Finance > Accounting > Reason Why You Don't Know How Much You Pay in Fees on Your 401k Plan
Reason Why You Don't Know How Much You Pay in Fees on Your 401k Plan
Posted: May 22, 2011 |Comments: 0
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There Is a Reason Why You Don’t Know How Much You Pay in Fees on Your 401k Plan
When was the last time you received your statement for your 401k plan, and you did more than to just scan it to find out what your balance was? When was the last time you tried to figure out how much you paid in fees to the company that administeres your plan? If like most people, you never tried to do that, there is a reason why you don’t try – doing this is by design is an exceptionally complicated matter. Unless your 401(k) provider is a major player like Vanguard, working out how much you pay in fees can take up a few days.
With any of the smaller providers of 401(k) plans, working out how much of your retirement nest egg you pay in fees can involve that much work with pencil and paper, a calculator a couple of phone calls to customer service (with the customary 15 minute hold) and looking up previous statements. And of course, once you do arrive at a figure, there’s no way you can be sure of what it actually means when compared to the kind of fees your friends and family pay, because they all figure it out in different ways.
Does all of this work really make any sense, you ask? It sure does, because the fees you pay to your 401k plan provider by themselves can easily add up $20,000 or more over your working life. This is a sum that can set you back a great deal when you work in the interest. And you owe it to yourself to do this because this is money for your retirement. There is some light at the end of this tunnel though. The Labor Department has newrules out that are about to make all 401k plan providers adopt and stick to one sensible style of fee calculation that is easily accessed.
That’s good news, because the fees that these services charge are often so perversely complicated to calculate, that often, not even an entire accounting department at a major corporation can quickly find out what the are paying in administering costs and overheads for their 401k plan. Just imagine how people equipped with information on how much in salaries they are paying to the managers of their 401(k) plan, can put that information to use. When they discover that they are paying them multimillion dollar bonuses, that’ll get them worked up enough to bring some change about.
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