I could use some advice on how to approach this situation. My company offers an employee 403(b) plan (similar to a 401k but more typical among nonprofits).
The company that manages it doesn't charge us an administrative fee (nor to the organization so far as I can determine) but has very high expense ratios for the funds - none are below 1% and many are above 2%. In one case, I'm paying over 2% for a health sciences fund with the company program and have the exact same fund for my personal IRA (t rowe price) and paying only .79%.
If my understanding of this is correct this means to own the same fund I pay 200+/year though the company plan and only 79/year per every 1,000. Over say the next 30 years (or 10 if my FIRE plans go well) this adds up to a lot of money.
I am thinking I am going to periodically do a partial rollover from my company account into my IRA so that I can get the employer match (10%, so quite good) but not have the higher fees. Any ideas on other ways to approach this?
As we are a small nonprofit, I am thinking to also approach the Executive Director about maybe switching our company plan to someplace else (he is pretty approachable, open to these ideas). Is it possible that it's somehow "cheaper" for my organization to use this company? Do company plan fees have higher admin costs as a general rule? Or is this company opportunistically screwing myself and my nice colleagues as I suspect?