Beacon Financial News

Sneaky 401(K) Fees You Didn’t Know You Were Paying

July 20, 2016 News 0 Comments

Many 401(k) plans charge excessive fees that slip under the radar, erode returns for plan participants and increase payouts for plan vendors. On June 30, participants of the Fujitsu Group Defined Contribution and 401(k) Plan filed a class action suit alleging the plan executives “violated the Employee Retirement Income Security Act (“ERISA”) by failing to manage the Plan in a cost-conscious manner.” The plan added up to $1.33 billion in assets at the end of 2014, and the prosecutor claims plan executives charged excessive fees to manage the account.

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