Two Strategies Companies Can Use to Lower Their 401(k) Fees
A regional accounting firm suspected their $5mm 401K’s fees were too high and had been told by their plan advisor that the record keeper was unable to reduce fees. The business owner contacted Thayer Partners to do an independent review of their plan. After the review, Thayer Partners:
- Uncovered $53,000 in fees per year
- Proposed changes to plan that deliver 60% in savings
- Recommended accounting firm hire a 3(21) investment fiduciary to reduce the compliance liability risk of the firm’s partners
A 401K plan with improved compliance oversight and investment funds at a significantly lower cost to the employees in the plan.