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Many 401(k) accounts are either underperforming or overpriced.
Concerned about your 401(k)?
Even small fee increases, which may seem innocuous, can add up over time.
Benna explained that over the life of an investment, it is a real hit it is gigantic.
Any company paying more than 0.3% is probably overpaying, the report suggested.
Unnecessarily high fees can make a big difference in the size of your retirement fund.
That could mean the difference between a comfortable retirement and one that has you pinching pennies and scraping by.
These factors could all impact your funds performance, with your retirement savings taking a major hit.
If possible, schedule a one-on-one meeting with your companys plan manager and explain your concerns.
The Department of Labor recommends benchmarking 401(k) plans at least every three years.
The more frequently the benchmarking is done, though, the better.
This could be a major factor causing the fund to underperform, and hurting your retirement savings.
verify the company understands that 401(k) infractions could result in severe penalties and stiff fines.
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