Whether it's peer pressure or a desire to “do the right thing,” one year after the Department of Labor passed fee disclosure regulations for both defined contribution plan providers and sponsors, the industry's fees are falling.
Gone are the days when a plan could charge 2 percent or even 2.5 percent in fees. The average today is somewhere between 1 percent and 2 percent.
Though it's generally agreed the fee disclosure rules are a step in the right direction, many argue it just doesn't go far enough. Chad Parks, founder and CEO of The Online 401(k), for one, thinks fees should drop even farther.
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