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In an environment of fee compression, there’s a growing concern about how low fees can go, especially considering recent legislation such as SECURE and SECURE 2.0 that demands more from recordkeeping services, which inherently have costs. The industry jest about fees reaching a point where recordkeepers pay participants rather than the other way around highlights this concern. Striking the right balance between low fees and providing quality recordkeeping services becomes crucial amidst this landscape.
Bonnie Treichel, Chiefs Solutions Officer at Endeavor Retirement, says, “We have all these competing interests right now. Recordkeepers have fewer dollars due to fee compression over the past few years. Yet we have SECURE 1.0, SECURE 2.0, and the CARES Act. We need recordkeepers to do more and help with more. Plan sponsors need more but there are fewer dollars to do it.” Treichel will join a panel of industry experts at the 2024 NAPA 401(k) Summit where this discussion will continue. To learn more, click here to read Low Fees, High Value: How to Strike the Right Recordkeeping Balance.