Managing 401(K) Plans

Without question, two tasks dominate those that 401(k) plan sponsors handle in-house: selecting, hiring, and firing service providers and fee oversight, reveals IOMA’s 2007 401(k) Plans Cost Survey. Specifically, 74 percent of survey respondents said they handle the selecting, hiring, and firing of service providers in-house and 60 percent said they do the same with fee oversight (see Table 1).