tailieunhanh - The Economics of Providing 401(k) Plans: Services, Fees, and Expenses, 2010

There is no single set of “best practices” for risk management in investment companies, but from studies, reports, and other literature relating to risk management generally, as well as the considerable experience of those involved in risk management and risk oversight in the fund industry, some common themes emerge. Regardless of how a fund group’s risk management function is organized and implemented, the following recurring themes may serve as a backdrop to the fund board’s consideration of risk management processes | ICI RESEARCH PERSPECTIVE 1401 H STREET NW SUITE 1200 WASHINGTON DC 20005 202 326-5800 JUNE 2011 VOL. 17 NO. 4 WHAT S INSIDE 2 Why Employers Offer 401 k PlanS 2 Paying for 401 k Plan Services 3 401 k Plan Sponsors Provide Certain Services 6 A Means to Compare The All-In 401 k Plan Fee 8 Fees Paid by Employer Plan and Participants 9 Looking at Fees and Expenses of Mutual Funds Held in 401 k Accounts 17 Conclusion 17 Additional Reading 18 Notes 23 References 25 Appendix Sarah Holden Senior Director of Retirement and Investor Research Michael Hadley Associate Counsel for Pension Regulation and Shaun Lutz Assistant Economist prepared this report. Suggested citation Holden Sarah Michael Hadley and Shaun Lutz. 2011. The Economics of Providing 401 k Plans Services Fees and Expenses 2010. ICI Research Perspective 17 no. 4 June . The Economics of Providing 401 k Plans Services Fees and Expenses 2010 KEY FINDINGS 401 k plans are a complex employee benefit to maintain and administer and they are subject to an array of rules and regulations. Employers offering 401 k plans typically hire service providers to operate these plans and these providers charge fees for their services. Employers and employees generally share the costs of operating 401 k plans. As with any employee benefit the employer typically determines how the costs will be shared. 401 k investors in mutual funds tend to hold lower-cost funds with below-average portfolio turnover. Both characteristics help to keep down the costs of investing in mutual funds through 401 k plans. Mutual funds are required by law to disclose a large amount of information including information about fees and expenses and portfolio turnover. More than half of the trillion in 401 k assets at year-end 2010 was invested in mutual funds primarily in stock funds. Expense ratios of stock funds averaged slightly lower in 2010 compared with 2009. The asset-weighted average expense ratio paid by 401 k investors on their stock .

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