The Structure of 401(k) Fees

The brief’s key findings are:

• 401(k) fees are complex and may not closely correspond to costs.

• Fees also raise design issues, such as transfers from high-balance to lowbalance participants and from participants to non-plan investors.

• Better disclosure could help employers and participants avoid unreasonable costs.

• Policymakers may also want to opine on the transfers embedded in today’s fee structure.