SAN FRANCISCO (Sept. 20) – As part of its public crusade against hidden fees, The Online 401(k), (www.theonline401k.com), the nation’s leading provider of full-service Web-based 401(k) plans for small businesses, today recognized the top three champions for the full disclosure of hidden 401(k) fees.
According to The Online 401(k)’s President and CEO Chad Parks, “These individuals have gone beyond the call of duty in their efforts to disclose hidden fees in defined contribution savings plans. Their work towards safeguarding Americans’ retirements deserves recognition.”
Representative George Miller (D–CA)
As chairman of the House Education and Labor Committee, Rep. Miller has spearheaded the campaign to protect the assets of the 52 million active workers who save through 401(k)s. In late July 2007, Rep. Miller introduced a 401(k) fee bill that may revolutionize fee disclosure by requiring plan administrators to list individually every service fee charged to an account and to clearly identify historical returns and fees assessed on each investment option. The proposed legislation also would increase transparency from service providers and calls for 401(k) plans to offer at least one lower-cost, balanced index fund.
Ted Benna, president of the 401(k) Association
In 1980, Mr. Benna created the 401(k) profit-sharing plan that grew into the most popular retirement savings plan for American workers. Throughout the 27 years of the 401(k)’s existence, he has always advocated low cost and simplicity, supporting independent third party administrators and advisors that focus on plan participants rather than maximizing fees. Mr. Benna was an early supporter of lifestyle/lifecycle type funds, a trend that has taken off rapidly since the Pension Protection Act of 2006.
Brian Graff, director of the American Society of Pension Professionals & Actuaries (ASPPA)
An outspoken advocate of complete and consistent disclosure of 401(k) fees, Mr. Graff believes that full transparency is the most effective way to keep plan costs reasonable. With his full support, the ASPPA has backed the House Committee on Education and Labor through the ongoing hearings regarding hidden fees as they impact American retirement savings.
Parks also points out that more voices are joining the fee disclosure cause all the time. Keeping an eye out for “Advocates on the Rise,” he highlights in particular the work of Rep. Richard Neal (D-Mass), a member of the House Ways and Means Committee, who recently confirmed that he is considering proposing 401(k) fee disclosure legislation himself.
The Online 401(k) applauds these professionals for their dedication to full-fee disclosure and is pleased to have such outstanding partners in the fight against hidden fees.
About The Online 401(k)
The Online 401(k) is the nation’s leading provider of Web-based retirement plan solutions for the small to middle market, and is dedicated to the mission that every American employee deserves a secure retirement. Headquartered in San Francisco, the firm provides plan administration and management services to individuals and businesses in all 50 states. Founded in 1999, The Online 401(k) serves more than 3,000 clients and provides retirement plan management for more than 30,000 participants. The Online 401(k) also was selected to the first-ever Inc. 5000, which highlights the nation’s fastest growing companies. For more information on The Online 401(k), visit www.TheOnline401k.com.
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