One recently settled lawsuit contended employers should have protected employees from plan administrators using their information to sell them products.
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A New Fight Breaks Out Over 401(k) Fees
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“Record-keepers may not be charging as much for record-keeping these days, but they are seeking to make money in other areas,” said Bonnie Treichel, a 401(k) consultant at Multnomah Group Inc. Some are pushing higher-cost advisory services, while others are offering discounts on administrative services for employers that choose the record-keeper’s proprietary investments. Many are promoting “wellness” services—programs that combine financial education with guidance from apps and advisers, for which they may charge extra.
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