According to a recent survey…only 33% of plan sponsors even attempted to calculate the cost of maintaining the plan…Another study indicated that:
- 81% of plan sponsors did not know what the vendors were receiving for sub-transfer agency fees.
- 69% did not know what the vendor received in 12(b)(1) fees, and...
- 80% of the plan sponsors did not know what the vendor was receiving in placement fees (i.e. marketing fees, finders fees etc.).
If you don't know, ask us...
401kBrokers can help your company start a new 401k Plan or improve your existing 401k Plan. Here is the pricing: We will waive the $1,000 set up fee for your company 401k and charge an annual flat fee of $1,000 plus $0 per participant and 25 basis points on plan assets (¼ of one percent).
Your annual fee will include quarterly reports and statements for each participant and also includes preparation of the IRS Form 5500. We receive zero ($0) in sub-transfer agency fees, zero ($0) in 12(b)(1) fees, and zero ($0) in placement fees (i.e. marketing fees, finders fees etc.).
New 401k plans enjoy a 50% tax credit for the first three plan years for administrative expenses (up to the first $1,000 of expenses).
If you are interested in having us setup a 401k plan for your company, call us or fill out the plan design questionnaire.