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Steps for Small Businesses to Evaluate 401(k) Fees
MarketWatchLink to more items from this source
Feb. 13, 2015
"Benchmarking is done by comparing service provider fees to competitors or averages. To compare competitor fees, a 401(k) sponsor should ... [1] Request a proposal from at least three different service providers. [2] Identify all compensation paid to each provider, including any 'hidden' indirect compensation paid by plan investments. Fees charged by each provider should be totaled to determine their 'all in' fee for services. [3] Identify all services offered by each provider to determine any differences. [4] Evaluate experience of each provider and any conflicts of interest. [5] Compare fees and services in an 'apples-to-apples' standardized format. The DOL offers a 401(k)fee disclosure worksheet on their website."

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