Who is getting the most return from your 401(k) plan --your participants or your plan fiduciary? Hidden fees are killing a surprising number of small companies' 401(k) returns -- by a haircut of 3% or more in annual fund performance. If your 401(k) plan is more than a few years old, or if your fiduciary is a bank or insurance company, your plan participants (including yourself) are probably paying huge hidden fees, resulting in below-par investment results.
Here's a CEBI Alert on how to find and fix that problem.....
As a business owner, you have a short window to make plan changes before your 2010 plan year starts. Most 401(k) plans operate on a calendar year basis. Changes in plan provisions or Safe Harbor elections need to be made at least 30 days before the plan year begins. You have some time to adjust your 401(k) strategy for 2010, but not a whole lot.
While you may have looked at Safe Harbor provisions before (which allow you and other highly-compensated people to max out your 401(k) contributions), you'll want to have a look at some ideas you might consider.....
Let us know what you find in reviewing your 401(k) plan. Please click Comments below and share your observations.
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Terry Weaver
CEO
Chief Executive Boards International
http://www.chiefexecutiveboards.com/
TerryWeaver@ChiefExecutiveBoards.com
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