Bob Chesner had a sneaking suspicion he might be paying too much for his retirement plan. The partners at his 25-employee law firm had picked their plan 15 years ago, long before technology-driven retirement platforms started to drive down costs. And when Chesner, chief operating officer of Austin-based Giordani, Swanger, Ripp & Phillips, started to dig into the details, he was shocked. Between administration, custodial, and management fees, the old plan cost participants a whopping 2.17 percent of assets each year.
Thinking about a rollover from your old 401(k) or other savings plan to an Individual Retirement Account? It’s a painless move (we swear) that could pay off in the long run.
Goldman Sachs seems to think it’s time to retire the 401(k).
On Monday, Goldman GS -0.29% announced it was acquiring Honest Dollar, a company that provides retirement savings plans for small and mid-size businesses. Goldman says the acquisition is part of its continuing effort to boost its asset management business, which is generally considered lower risk than investment banking or trading.