Does Your DC Plan Have a Multimillion-Dollar Leak? Maximize Your DC Plan's Returns by Monitoring Total Plan Cost

During the stock market boom of the 1990s, employees were earning 20% to 30% in their retirement plans. With the reality of reduced returns in the coming years, there's a renewed and heightened awareness on making every dollar in a retirement plan count. Over time, excessive plan expenses can drain employees' retirement accounts of thousands--even millions--of dollars. In addition, the Employee Retirement Income Security Act (ERISA) requires that plan sponsors ensure "reasonable" fees for defined contribution (DC) plans. Living up to this fiduciary responsibility is challenging, especially when the true costs of plans can be hard to monitor and record.