I once said that I thought I lived in a great community until I joined the Facebook community newsgroups. You just can’t imagine what people think. The same can be said about some of these polls of plan participants, which shows that we still are failing at the job of explaining plan costs.
An AARP survey found that over 70 percent of plan participants thought that they weren’t paying any fees at all. I’m sure a lot of plan sponsors still think their administration is free. Despite fee disclosures and the industry is far more transparent, there is still an issue that people think they’re getting free 401(k) administration.