Are you paying too much for your 401(k)?
You may be overpaying for your 401(k), reducing the overall value of plan savings over time. A free benchmark from Human Interest can help uncover if you’re paying too much—and show you how to get the most from your plan.
Fill out the form to request your benchmark
Switching to Human Interest could save you up to $11k
In a review of nearly 100 existing 401(k) plans that underwent fee benchmarking, we found that, on average, switching to the Human Interest platform saved small and medium-sized businesses more than 50 basis points in asset-based fees.
This equates to an average savings of nearly $11,000 for plans with more than $500,000 in assets, compared to what businesses were paying at their current 401(k) provider.
When’s the last time you looked closely at your 401(k) plan?
You may be paying hidden fees. Benchmarking your existing plan's details and fees against industry averages helps you confirm if:
Your 401(k) plan is competitive and working for your business
You’re getting the best services and fees possible
Your plan serves the needs of your employees
Zero transaction fees. Period.
At Human Interest, we never charge transaction fees. A free benchmark from Human Interest compares what you’re paying now with what you could be saving today.
How do I locate my current fees?
To kickstart the benchmarking process, you’ll need to find your 408(b)(2) fee disclosure. Below is a quick guide to help you access fee disclosure documents:
Request and obtain a 408(b)(2) fee disclosure for each provider related to your 401(k).
Review fee disclosures for each provider and benchmark against your current plan
File all 408(b)(2) disclosures, benchmark data, and notes in your fiduciary audit file
What is a 408(b)(2) fee disclosure?
408(b)(2) disclosures outline fiduciary status, services, and total compensation. This will help you better understand these services, assess the reasonableness of the compensation, and determine any conflicts of interest.
Who must provide fee disclosure?
Service providers that expect to receive at least $1,000 in compensation must disclose plan fees and investment costs to plan sponsors.
When should I receive my fee disclosures from my current provider?
Providers must provide an initial disclosure when a plan launches, often found in your contract. Changes to fees or vendors serving your account must be disclosed within 60 days. Changes to investment information must be disclosed at least annually.
What to consider when benchmarking your plan
Administrative fees: Include recordkeeping, customer support, and legal services. Employers may cover 401(k) administration costs, or you may pass them to your employees.
Investment fees: Plans may invest differently, including managed investment funds. Expense ratios cover operating costs of funds relative to a participant’s assets, so it’s wise to consider low-cost funds and watch out for hidden fees.
Transaction fees: Some providers charge fees for features like financial advisory services, loans, and hardship withdrawals. These service fees can reach up to $500 per transaction—although Human Interest never charges transaction fees.
How Human Interest can help small businesses
The retirement plan your company initially started with may not always be a good fit for where your company is today. The goal of any plan is to be aligned with your company's needs and those of your employees. If a plan is not growing, it may be time to switch.
At Human Interest, we make offering retirement plans easy and accessible. Human Interest can help with compliance, recordkeeping, administration, reporting, and more. Our cost-friendly plans offer small businesses the benefits of a large-scale retirement plan—with way less hassle.
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