General education, not personalized advice. Confirm current rules at the sources below.
Three places fees hide
Investment expenses are usually netted from fund returns. Administrative fees may be billed to the plan or the employer. Individual-service charges, such as loan fees, can hit specific participants.
Make a one-page inventory
List each service (recordkeeping, administration, advice, investment management, custody), who provides it, how it is paid and the disclosed amount or formula. Gaps in that inventory are good questions for the provider.
Reasonable is not the same as lowest
The law asks that fees be reasonable for the services provided. A cheaper plan with fewer services is not automatically better, and a costly plan is not automatically poor. The review should be reasoned and recorded.
What this does not promise
Nothing here suggests that reviewing fees will lower them. Outcomes depend on your plan and providers.