An Easy Checklist To Monitor Your 401k Fees
The Department of labor wants people to be aware of the cost of their 401(k) since there are many hidden fees that erode the growth of many plans. The primary responsibility of ensuring the fees are reasonable falls on the plan sponsors. Unfortunately many are too busy running their companies to take the time to understand all the charges by the financial services industry.
If you are a plan participant ask your 401(k) plan sponsors to identify those fees that apply to your plan and have he or she enter the corresponding fee.
| Administration/Recordkeeping: | XX | __ | No | __ | Yes | Fee__________ |
| Annual Audit: | __ | No | __ | Yes | Fee__________ | |
| Back-End Load | __ | No | __ | Yes | Fee__________ | |
| Balance Inquiry: | __ | No | __ | Yes | Fee__________ | |
| Brokerage Commission: | __ | No | __ | Yes | Fee__________ | |
| Contract Administration Charge: | __ | No | __ | Yes | Fee__________ | |
| Contract Termination Charge: | __ | No | __ | Yes | Fee__________ | |
| Distribution Expense: | __ | No | __ | Yes | Fee__________ | |
| Expense Ratio (Average and range): | __ | No | __ | Yes | Fee__________ | |
| Front-End Load: | __ | No | __ | Yes | Fee__________ | |
| Installation Fee: | __ | No | __ | Yes | Fee__________ | |
| Investment Transfer Expense: | __ | No | __ | Yes | Fee__________ | |
| Loan Maintain /Repay Tracking Fee: | __ | No | __ | Yes | Fee__________ | |
| Loan Origination Fee: | __ | No | __ | Yes | Fee__________ | |
| Loan Processing Fee: | __ | No | __ | Yes | Fee__________ | |
| Management Fee: | __ | No | __ | Yes | Fee__________ | |
| Mortality Risk, Admin (M&E Fee): | __ | No | __ | Yes | Fee__________ | |
| Nondiscrimination Testing Expense: | __ | No | __ | Yes | Fee__________ | |
| Participant Education Expenses: | __ | No | __ | Yes | Fee__________ | |
| Plan Document Letter (Filing Fee): | __ | No | __ | Yes | Fee__________ | |
| Product Termination Fee: | __ | No | __ | Yes | Fee__________ | |
| Service Provider Termination Fee: | __ | No | __ | Yes | Fee__________ | |
| Signature Ready Form 5500 Fee: | __ | No | __ | Yes | Fee__________ | |
| Start-up/Enrollment Expense: | __ | No | __ | Yes | Fee__________ | |
| Trustee Services: | __ | No | __ | Yes | Fee__________ | |
| Wrap Fee: | __ | No | __ | Yes | Fee__________ | |
| 12b-1 Fees: | __ | No | __ | Yes | Fee__________ |
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