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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 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.

  • 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.

Paying Excessive 401(k) Fees?

You may be able to get that money back! Call (888) 390-6491.

Excessive Fees in Your Company’s 401(k) Can Cost You Big Money

When your retirement money is invested with your company’s 401k, your employer typically pays fees to one or more financial services companies to manage the retirement money and provide different services on behalf of you and your fellow employees. These service providers are paid with your retirement money.

Making matters worse, their fees are often not clearly identified or explained, making it hard to know how much you are paying. And just as often, these fees are simply too high. Way too high. Most employees have no idea how much of their 401(k) retirement savings is getting paid to the financial service companies.

Do the Fees Charged in my 401(k) Really Add Up to a Big Number?

Absolutely. Here’s how the U.S. Department of Labor explains it. Assume you have 35 years until retirement and a balance in your 401(k) is $25,000. You do not deposit any more money in and you earn a 7 % annual return. If fees and plan expenses reduce those average returns by 0.5 percent a year, your balance will grow to $227,000 in those 35 years.

If those fees total 1% higher (1.5 percent total per year), however, you’ll end up with just $163,000, 28 percent less! Imagine having nearly 30% more in your account at retirement without making any changes to the investment portfolio but simply paying 1 percentage point less for fees and expenses.

What Types of Fees Are Charged in a 401(k) Plan and What Amounts are Reasonable?

The most common fees in a 401(k) plan include advisor fees, administrative fees (record keeping) and investment fees. If more than .25-.50 percent of your retirement plan savings is being spent on fees, you may be paying too much.

Businesses that sponsor 401k plans have a fiduciary duty to supervise and closely monitor every aspect of the operation of a 401k plan, including the fees paid to outside service providers and advisors. The lawyers at Meyer Wilson have found that many plan sponsors are not paying close enough attention to these fees, costing plan participants – their own their employees and retirees – many thousands of dollars. And, because the fees are not transparent, the employees and retirees never know that they are losing so much money.

Where Can I Go to Find Out How Much I am Paying in 401(k) Fees?

To find out what fees and expenses are charged to your 401(k) plan you should first ask your plan administrator. You should review a copy of the 401(k) plan’s summary plan description. This document will tell you the fees and expenses of the plan, in addition to other information about the investments offered. The Department of Labor created a summary booklet called “A Look at 401(k) Plan Fees” that you may find helpful.

If you have any concerns about your 401k, we would be happy to do a no-cost evaluation of your plan. Give us a call at (888) 390-6491 or fill out our contact form and we will be in touch.

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.

Get Help With Your Case Now

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