The survey also found that:
- Small business owners want lower fees: 35 percent of small business owners said they negotiated or plan to negotiate better pricing with their current plan provider, while 34 percent gathered, or plan to gather, benchmarking data to compare their current plan with alternate plans. Sixty-five percent of small business owners compared the fees in their plan to other comparable plans on the market.
- Employees are taking a stand. Eighty-two percent of businesses reported that at least some employees took action as a result of their 401(k) fee disclosure notice. The survey also revealed 41 percent of business owners received requests from their employees for a better understanding of their plan expenses.
- Employers are taking action on their own. Fewer small business owners (23 percent) are likely to hire a consultant compared to last year (37 percent). Rather, companies are negotiating or planning to negotiate better pricing with their current 401(k) provider (35 percent) and gathering or planning to gather benchmarking data to compare with alternate plans (34 percent).