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  • Attorneys David Meyer and Matthew Wilson have been selected to the list of Super Lawyers since 2011 and 2015 respectively.

  • Attorney David Meyer is a member of the Million Dollar Advocates Forum, an organization recognizing attorneys who have secured million dollar cases.

  • Martindale-Hubbell® Peer Review Ratings™ has recognized attorney David Meyer as an AV Preeminent® attorney in High Ethical Standing.

  • Attorneys David Meyer and Matthew Wilson have received a 10 out of 10 “Superb” rating on Avvo, calculated based on stringent and exhaustive criteria.

  • Attorney David Meyerhas been selected to the list of the Best Lawyers in America® for Mass Tort Litigation / Class Actions – Plaintiffs and Professional Malpractice Law – Plaintiffs every year since 2011.

  • Attorney David Meyer was selected as the 2015 Lawyer of the Year for Professional Malpractice Law – Plaintiffs for Columbus, OH by Best Lawyers®.

  • Meyer Wilson was ranked as a Tier 1 Best Law Firm for both Mass Tort Litigation / Class Actions – Plaintiffs and Professional Malpractice Law – Plaintiffs by U.S. News.

Am I paying excessive fees in my employer-sponsored retirement plan?

Do you know the fees you are paying every year in your 401(k)plan sponsored by your employer? Most people who are enrolled in their employer’s 401(k) plan don’t know how much they’re paying, or how those fees are even paid. The reality is that your money that you have saved in your retirement plan are paying those fees and very often these fees are way too high. And believe it or not, those fees really add up to a big number over the years.

Employers that run 401(k) plans owe their plan participants a fiduciary duty to supervise and closely monitor the retirement plan, including the fees paid to outside service providers and advisors. We have found that many plan sponsors are doing nothing to prevent these outside service providers from charging excessive fees, costing employee participants many thousands of unnecessary dollars. And, because the fee structure is often buried in the fine print, employees often don’t know that they are losing so much money.

The most common fees in a 401(k) plan are advisor fees, administrative fees, and investment fees. If you are paying more than a quarter or a half a percent annually in fees, you may be paying too much.

Let me demonstrate how these fees really do add up to a big number. Let’s say you have a balance of $25,000 in your 401(k) and you have 35 years until retirement. You earn 7% return annually and you do not put any more money in. If plan expenses and fees are 0.5 percent a year, your balance will grow to $227,000 in those 35 years. If those fees total 1.5 percent, however, you would end up with just $163,000, 28 percent less. That’s a loss of $64,000!

To find out what you are paying in fees, you should first ask your plan administrator for a copy of the plan’s summary plan description. As a participant in the retirement plan, you are entitled to receive this document. This will tell you the fees and expenses of the plan, in addition to other information about the investments offered. If you have any concerns about the fees and expenses in your 401(k), we would be happy to do a no-cost evaluation of your plan and the expenses you are paying. Give us a call today.

Need More Information?

Investment misconduct can be complex and confusing. That’s why we’re here to help you. Visit our Common Questions page to find in depth answers directly from our attorneys. Get More Answers
Have You Been a Victim of Investment Fraud?

You trusted your financial advisor with your money, but now you're left wondering what went wrong. If you or a loved one suffered losses because of investment misconduct, Meyer Wilson can step in and fight to recover your losses. The team of investment fraud lawyers at the firm has been helping people like you since 1999 by winning judgments, settlements and verdicts worth hundreds of millions of dollars against brokerage firms, financial advisors and banks.

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