After completing over a hundred 401(k) check-ups, it has been our experience to uncover the vast majority of 401(k) service providers do not disclose fees in a manner consistent with DOL expectations.
ERISA regulations require a plan fiduciary to ensure the plan is adhering to DOL requirements and to know:
o the exact amount of fees being paid,
o to whom the fees are being paid,
o and how much compensation is being paid to each party involved.
Are you aware of your plan’s expenses and how your service provider is compensated?
As a MADA member, you have complimentary access to our team of experts to answer this question for you. MADA members are offered a no-obligation 401(k) check-up; a comprehensive report that clearly defines the exact fees being charged to your company, and analyzes the success of your current retirement plan.
Freedom One is Michigan's largest full-service 401(k) provider. We serve as a co-fiduciary to hundreds of companies and oversee more than $2.2 billion in retirement plan assets. Since 1988, our clients have rewarded our service excellence with nearly 100% client retention. Freedom One Retirement Services has been the MADA’s endorsed 401(k) provider since 1989 and currently serves over 200 auto dealerships.
Request your 401(k) Check-Up at www.freedomonefinancial.com, or call Lesley Goodwin at 248-620-8100, ext. 1130.
LABOR DEPARTMENT TARGETS 401(k) PLAN FEE DISCLOSURE
Labor Dept. targets 401(k) fee disclosure. Author: Lisa Shidler, February 5, 2007. Investment News. As the department of Labor puts pressure on advisers to make 401(k) fees more transparent, some financial advisers are refunding fees to participants that they are being paid from mutual fund companies. Full Story.
