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401(k) Plan Fees - Pension Maxima Investment Advisory
In this episode, Bonnie Yam provides an introduction and comprehensive overview of retirement plan fees, emphasizing their significance in managing a healthy retirement plan. The discussion explores the various factors and components that make up these fees and underscores the importance of evaluating them regularly. Listeners gain insights into how to obtain and interpret a plan fee report, crucial for informed decision-making. The episode also highlights the vital role a financial adviser plays in managing retirement plans effectively. The conversation wraps up with a conclusion and a call to action for listeners to take charge of their retirement planning.
Key Points
- The range of plan fees varies significantly based on plan size, number of participants, and new contributions each year.
- Plan fees can include record-keeping, custodial, investment, third-party administration, plan adviser, and audit fees, each with its own structure and impact.
- Evaluating plan fees is complex due to the involvement of direct and indirect costs, multiple fee components, and the need for specialized knowledge to interpret required disclosures like the 408b2 form.
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Transcript
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