Given those details (and without knowing your personal situations), I would skip that 401k all together. If you can, fund a Roth IRA, then put the rest in taxable accounts, using low cost funds.
Down the road, if you need money for emergencies, you won't have to empty a 401k with the taxes and penalties. You pay the tax now, and that cost basis isn't taxed when you change funds or withdraw.
You might end up paying less taxes overall by paying capital gains rates, rather than your marginal tax rate. That, combined with the sky high expenses of the 401k might leave you with a lot less.
There would be no RMD's, so you can decide when to cause a taxable event by the sale of your assets.
The assets outside of a 401k/IRA may not be taxable in your estate.
In my situation, I never had a 401k available, and I wasn't happy then, but I am quite happy now. As soon as the Roth was introduced in 1998, I quit the traditional IRA contributions and went with the Roth.
Dave