Originally published on CUinsight.com.
We’re big into energy conservation in my household, and it wasn’t until we began looking more seriously into why we were using so much electricity that we discovered the dark side of all those ‘instant on’ appliances and electronics. Plugged in all the time, they act like little energy vampires, sucking what is individually a small amount of electricity out of the grid for our convenience. Problem is, all those small amounts add up to a big chunk of our monthly utility bill.
We all want the best for our employees when it comes to their retirements. We encourage, cajole, and practically order them to participate in our 401(k) programs to take maximum advantage of the tax benefits and any matching program we might have. And then we often provide education about investment options to give every employee the opportunity to select a pattern of investment that fits their personal style and time of life, to maximize the value they are going to receive from the program.
But just like we went through an energy audit, you need to go through a fee audit for your 401(k) to make sure that superfluous fees aren’t sucking a chunk of the potential return away from your employees.