Bloomberg Law reports that class action lawsuits concerning 401(k) fees have seen a five-fold increase in the past 12 months! The word is getting out that 401(k) fees skimmed from employees\u2019 retirement savings are a severe problem, and financial advisors pocketing these 401(k) fees are feeling the heat. We think these lawsuits are a good thing and long overdue, just like the lawsuit the government is filing against Facebook for being a monopoly\u2014long overdue!<\/p>\n\n\n\n
We expect another five-fold increase in the number of 401(k) fee<\/a> class action lawsuits in 2021. If the stock market takes a hit, as many financial experts are projecting, the issue of hidden fees skimmed from 401(k) plan savings will get even more exposure and scrutiny.<\/p>\n\n\n\n 401(k) fees cannot be justified, and financial advisor-types who have been extracting these fees will be more and more defensive in years to come. Small business owners can always find low-cost 401(k) plans that guarantee that 401(k) fees will never be skimmed from employees\u2019 retirement savings. A 5-minute Google search will yield several low-cost, no fee 401(k)<\/a> plan providers.<\/p>\n","protected":false},"excerpt":{"rendered":" Bloomberg Law reports that class action lawsuits concerning 401(k) fees have seen a five-fold increase in the past 12 months! The word is getting out that 401(k) fees skimmed from employees\u2019 retirement savings are a severe problem, and financial advisors pocketing these 401(k) fees are feeling the heat. We think these lawsuits are a good…<\/p>\n","protected":false},"author":1,"featured_media":280,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/posts\/279","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/comments?post=279"}],"version-history":[{"count":1,"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/posts\/279\/revisions"}],"predecessor-version":[{"id":281,"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/posts\/279\/revisions\/281"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/media\/280"}],"wp:attachment":[{"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/media?parent=279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/categories?post=279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.401keasy.com\/blog\/wp-json\/wp\/v2\/tags?post=279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}