Detroit Excessive 401k Fee Lawyers
Planning for your future is always a wise investment, and putting your savings into a 401(k) plan can be an important way to prepare for retirement at a low cost. But sometimes the people responsible for managing your 401(k) put their interests ahead of yours.
Reports from the U.S. Department of Labor reveal that plan administrators often fail to protect plan participants from excessive fees, the most common of which are:
- Plan Administration Fees – These costs may be deducted from investment returns or directly billed to your employer, and can include charges for accounting, recordkeeping, legal and trustee services, and customer-related conveniences such as telephone voice response systems, customer service representatives, educational programs, retirement planning software, investment advice, electronic access to plan information, daily valuation, and online transactions.
- Investment Fees – These are generally the largest 401(k) plan cost, and include charges for investment management and related services. They are calculated as a percentage of the assets invested in the plan.
- Management, Investment Advisory, or Account Maintenance Fees – Generally used for administrative expenses, these charges can vary widely, depending on the investment manager and the investments. But just because there is a higher investment management fee doesn’t mean you’re getting a better investment performance or higher returns.
Most of the time, 401(k) plan fees are deducted directly from employees’ investment returns, making the specific amounts difficult to determine and track. The fees usually increase automatically over time, taking an even bigger bite from your hard-earned retirement savings.
Well-known employers such as Anthem, Chevron, Cigna, Fifth Third Bancorp, Oracle, Reliance Trust, and the Vanguard Group have been sued for failing to protect employees from the excessive fees associated with their 401(k) plans, a breach of their fiduciary duty and a violation of the federal Employee Retirement Income Security Act (ERISA).
If you believe your 401(k) plan are excessive, putting more money in managers’ and advisors’ pockets that yours, please contact the attorneys in Sommers Schwartz’s Commercial Litigation Group to discuss your ERISA rights.
Contact a Sommers Schwartz attorney today to confidentially discuss your case and learn how we can help.
We fight hard. And we win.
News & Case Alerts
Read related articles and learn about recently filed cases.
Our attorneys have been featured on local and national media outlets, including:
I Cannot Say Enough Good Things About This Law Firm and My Attorney, Matthew G. Curtis.
I cannot say enough good things about this law firm and my attorney, Matthew G. Curtis. From the very beginning, their professionalism, communication, and attention to detail stood out immediately. They kept me informed throughout the entire process, answered my questions promptly, and always made me feel like a priority…
From a Wayne State Medical School Student About Judy Susskind
Law & Medicine was truly one of my favorite rotations – seeing a trial and learning from you was a privilege. Medical students are so lucky to have such an incredible preceptor for this experience. Your firm, colleagues, and clients are lucky to have you. (From a Wayne State University…
Praise for Tad Roumayah and Nathan Robbins
Tad Roumayah and Nathan Robbins are very professional and knowledgeable. They took charge from beginning to end with my employment case. I highly recommend them.
A Recommendation for Matthew Curtis and David Black
I highly recommend Matthew Curtis and David Black. They represented me in a legal malpractice case and did an outstanding job. They were very responsive, organized, efficient, and easy to work with throughout the entire process. What I appreciated most was that they were willing to take my case when…
Thank You, Jason Thompson
I just wanted to say thank you, Jason. The amount of work that you have done is astronomical, and it hasn’t gone unnoticed. We’ve always felt that you do what you say, take responsibility for your actions, even when you’re wrong, and that your word is your bond. (We found…
Heartfelt Thanks to Judy Susskind
Judy, I wanted to inform you that my mother passed away last night after losing a painful battle. She wanted me to specifically contact you and thank you for what you did for her. You took a chance and stood by her when no one else would, and you helped…
Praise for Nathan Robbins
One phone call made a world of difference! Thanks, Nate, for addressing and acknowledging my concerns! Great professionalism.
Praise for Judith Susskind
Ms. Susskind, your honesty, professionalism, and compassion meant a lot to me. I’m especially grateful for how thoroughly you reviewed my records and for the time you spent listening to my story. It’s been incredibly painful to reopen these wounds over and over and live them daily. Your kindness helped…
Our Clients Say It Best
