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April 15, 2021

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AlbanyConsultant created a topic in Retirement Plans in General

Pooled Plan Sponsor Wants to Reimburse the Trust for Fees

"In this pooled money purchase plan, the custodian hits the account for their fees directly. The plan sponsor doesn't want the participants to have to suffer the fees, so they deposit money into the account to cover the fees. I can't see any way in which can be OK. My first thought was to include it as part of the contribution and reduce the remaining deposit. But I've got terminated participants who are being affected by this fee as well, and obviously they can't benefit from a contribution allocation. I asked the plan sponsor to bonus the participants in the amount of the fees that were allocated to each of them. That was not met enthusiastically. I asked the custodian to change their policy to bill the plan sponsor instead. It's not the right kind of account, it doesn't work, all sorts of other excuses that I don't believe for a moment. So now there's a big call tomorrow to discuss why I'm causing a problem. Hey, I'm not the problem here! Is there no way for the participants to be shielded from the fees (which aren't unreasonable in amount, but, still) because the custodian won't play nicely?"

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