Thu 12/29/11 12:24 PM – Time to Review & Compare 401k Costs

New regulations from the Department of Labor go into effect in 2012. The new requirement getting the most attention is that of providing the cost information to participants on how much is coming out of their account both in $ and % for fund costs and any other costs taken out of participant accounts.

It makes sense to review your plan now. Some costs are easily seen, other costs may be hidden, especially in bank or insurance company plans. There is a long list of potential fees and you will likely need help to identify them all to make a fair comparison. I can help. Email me at the address on the home page if you would like a list of fees to look for.

There are also some new types of plans that allow more in the way of contributions by older employees that probably includes owners, managers and key employees. Let me know if you are interested in exploring those.