Jeff Powelson knows how tough it is to fight for lower fees in a 401(k) retirement plan. He tried to get his employer to add lower-cost investment options to its plan in late 2008. He failed. But when he switched jobs last year, the 27-year-old took one look at his new, pricey 401(k) plan and decided to try again. Sel?uk Demirel This time, Mr. Powelson, a controller at a Washington corporate foreign-exchange firm, is winning the fight. After he lobbied for months, his employer Tempus Consulting plans to replace its plan's higher-cost actively managed funds with cheaper index-tracking funds. "At companies our size, you don't have someone devoted 24 hours a day to these human-resource things," says Keinan Ashkenazi, a co-owner and principal at Tempus. Mr. Powelson "was able to take it by the horns and really look at it." When it comes to 401(k) plans, Mr. Powelson says, "I am rather passionate." So are a growing number of workers horrified by losses in their 401(k) retirement plans.[Read more...] Workers Rise to Lower 401(k) Fees
Jeff Powelson knows how tough it is to fight for lower fees in a 401(k) retirement plan. He tried to get his employer to add lower-cost investment options to its plan in late 2008. He failed. But when he switched jobs last year, the 27-year-old took one look at his new, pricey 401(k) plan and decided to try again. Sel?uk Demirel This time, Mr. Powelson, a controller at a Washington corporate foreign-exchange firm, is winning the fight. After he lobbied for months, his employer Tempus Consulting plans to replace its plan's higher-cost actively managed funds with cheaper index-tracking funds. "At companies our size, you don't have someone devoted 24 hours a day to these human-resource things," says Keinan Ashkenazi, a co-owner and principal at Tempus. Mr. Powelson "was able to take it by the horns and really look at it." When it comes to 401(k) plans, Mr. Powelson says, "I am rather passionate." So are a growing number of workers horrified by losses in their 401(k) retirement plans.[Read more...] 1 Response for “Workers Rise to Lower 401(k) Fees”
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It’s true that employers won’t want to listen to any employee who requests low cost index funds only.
Instead, even though an employer and his or her adviser have never picked a mix of manged funds or asset-allocation, target-date, lifestyle,lifecycle, or balanced funds that beat a core mix of index funds in performance -long term, they still want to experiment with the employees money by trying to pick funds that will beat the market.
And bBeing foolish like that is what has cost employees (plan participants) a fortune because managed mutual funds underperform index funds–long term. See?
Best wishes to your readers,
Frank R. Cirullo