Author Topic: SECURE Act & 401k Fees  (Read 905 times)

Steeze

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SECURE Act & 401k Fees
« on: December 21, 2019, 06:48:18 PM »
As a member of a very expensive 401k at a small business, I am very interested in this new provision allowing companies to “pool” into a single 401k group to lower fees. Anyone have any insight on when / how this will be implemented? I want to approach the owners ASAP.

Kronsey

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Re: SECURE Act & 401k Fees
« Reply #1 on: December 21, 2019, 06:53:21 PM »
Just curious, why don't you approach them and suggest www.guideline.com?

My hunch is that this pooling provision will do nothing to help as there are already plenty of low fee 401(k) plans available.

Steeze

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Re: SECURE Act & 401k Fees
« Reply #2 on: December 21, 2019, 07:25:43 PM »
Thanks for the tip, we looked into a few different options a couple years ago but didn’t meet minimums for most of them, or the fee reduction was insignificant.

Systems101

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Re: SECURE Act & 401k Fees
« Reply #3 on: December 21, 2019, 10:06:48 PM »
As a member of a very expensive 401k at a small business, I am very interested in this new provision allowing companies to “pool” into a single 401k group to lower fees. Anyone have any insight on when / how this will be implemented? I want to approach the owners ASAP.

It appears to be valid for plan years on or after Dec 31, 2020.  I suspect it will be some months before any company even announces such an offering, if any do for Jan 2021 at rates that would be meaningfully less than existing options.