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graphic of large hand reaching out to small man Bureau of Labor Statistics’ data shows a massive imbalance between large and small employers’ sponsorship of retirement plans. While more than 90 percent of large employers sponsor a 401(k) plan, only 48 percent of employers with fewer than 50 employees sponsor a plan. (Photo: Shutterstock)

When recordkeepers of small business 401(k) plans pitch the simplicity and low cost of their platforms, third-party advisors and employers often assume that value comes at the expense of quality and service.

“Simple and low cost can mean limited and stripped down,” said Jerry Patterson, senior vice president of retirement and income solutions at the Principal Financial Group, the largest recordkeeper to the $10 million-and-under plan market.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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