graphic of large hand reaching out to small man Bureau of Labor Statistics' data shows amassive imbalance between large and small employers' sponsorship ofretirement plans. While more than 90 percent of large employerssponsor a 401(k) plan, only 48 percent of employers with fewer than50 employees sponsor a plan. (Photo: Shutterstock)

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

“Simple and low cost can mean limited and stripped down,” saidJerry Patterson, senior vice president of retirement and incomesolutions at the Principal Financial Group, the largestrecordkeeper 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.