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404(a)(5) Quarterly Fee Disclosures

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As an independent recordkeeper (on Relius) who just sent out the quarterly participant statements including the one-page attachment at the end with the actual fees charged to the participant accounts, I realize we are at a complete disadvantage compared to the major recordkeepers with revenue sharing arrangements. They only have to disclose those once a year and buried in an extremely complicated notice which I am sure no one will read. But then their quarterly notices (which are easy to read) show a much lower fee than ours which are generally a pure asset-based fee.

For those fellow TPAs who are also recordkeepers, how are we going to compete and explain everything when thousands of participants come banging on their employers' doors?

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