tailieunhanh - Inside the Structure of Defined Contribution/401(k) Plan Fees: A Study Assessing the Mechanics of the ‘All-In’ Fee

Subsequently, the thesis has four main purposes. The first relates to the comprehensive evaluation of the performance of mutual funds in emerging markets and assesses style and strategy used by fund managers in order to accomplish this. This study explores fund performance at aggregated, style and fund levels and employs various models which evolved in developed markets to estimate performance. Additionally, this study compares the results with evidence from developed markets. | Deloitte. INVESTMENT COMPANY INSTITUTE Inside the Structure of Defined Contribution 401 k Plan Fees A Study Assessing the Mechanics of the All-In Fee Conducted by Deloitte Consulting LLP for the Investment Company Institute November 2011 Table of Contents I. Background 3 Approach 3 Report Disclosure 4 II. Executive Summary 5 Many Fee Arrangements Exist 5 The All-In Fee 6 Apparent All-In Fee Drivers 7 Comparing the 2009 and 2011 All-In Fee Studies 8 Summary 8 III. Survey Respondents 10 Plan Sponsor Demographics 10 Sample of Survey Plans Compared with the Broader 401 k Plan Universe 10 Plans Retirement Service Providers 12 Retirement Service Provider I Plan Sponsor Relationships 14 Participant Accounts 15 Automatic Plan Design Features 16 Investment Features 17 IV. The Mechanics of Defined Contribution Plan Fees 19 V. The All-In Fee 20 Composition of the All-In Fee 20 Payer of Fees 20 Summary All-In Fee Results 21 Weighting Survey Responses to Estimate the All-In Fee 21 VI. Fee Drivers 23 Primary All-In Fee Drivers 23 Secondary All-In Fee Drivers 28 Factors Not Found to Be Significant 30 VII. Summary 32 VIII. Appendix 33 2 I. Background At the end of 2010 employer-sponsored defined contribution plans held an estimated trillion in assets 1 and for many American workers these plans have become an important part of retirement savings. As assets in defined contribution plans have grown so too has the scrutiny around these plans especially in light of the turbulent investment markets experienced in recent years. This study was designed to analyze and identify the drivers of defined contribution plan fees. The fees charged for these plans have come under particular focus as the Department of Labor DOL aims to create greater transparency through regulatory disclosure requirements under 408 b 2 and 404 a of the Employee Retirement Income Security Act ERISA . As part of an ongoing comprehensive research program the Investment Company Institute ICI and Deloitte Consulting

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