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Is there any way to identify when fees are being taken out of 401k funds? Are fees taken regularly (quarterly) or is it an annual thing? Daily maybe? I think I may have caught an error in the amount of fees going back a few years so I would like to see when the fees were taken to determine how much money I should get back.
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For most fees, they are taken out daily when the new NAV (Net Asset Value) is determined. You would need to read your plan document. You may have different fees on your plan than for the same fund direct with the mutual fund. I would contact customer service or your human resource representative for clarification.Originally posted by Goldy View PostMy other blog is Your Organized Friend. -
Ok, thanks for the info.
My wife works for the same company and her statements all show 0% extra fees. I contacted the account department and they said they promised to get back to me in 5-7 days but its been over a month now. Second attempt was the same issue. I called again this week and the guy promised to move it up to his manager and would personally get back to me in 24hrs, still no communication. I'm guessing they have no idea how to fix it.
Its on all of my statements going all the way back to 2008....Comment
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It probably would be a complicated fix, but it is possible to do. When I was in customer service for a mutual fund company we had an 'Adjustment' Department that would handle these types of issues. It does happen, so they should have someone to correct it. Ask for a manager to get on the phone with you when you call again.My other blog is Your Organized Friend.Comment
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How would I go about calculating how much I should be getting back? I was thinking of taking 2% of the net value and dividing it by 365 for each day but I'm not sure how to get daily values for my account.
I could do it quarterly pretty easily and maybe even monthly. I just want to have a number in my head of what I should expect when they call with a figure.
I suppose I then need to calculate the market gains on that 2% too.Comment
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It might be easier to quantify by the number of shares. So if they took out $35 when the share price was $175, then they would owe you .2 shares at whatever today's price is. If you see when the fee was taken, then it'll be easy to figure out what the share price was back a few years.Originally posted by Goldy View Post
What exactly did you find? Are these fees on top of the expense ratio?Comment
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I'm not sure I can help guide you in calculating the adjustment with out more information. I would ask that they explain to you the calculations done and see if you follow along and it makes sense to you. Would you actually be getting cash back, or simply own more shares since the fees would have reduced the purchase power of your investments?Originally posted by Goldy View PostMy other blog is Your Organized Friend.Comment
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That's a great idea as it would account for the value increase except for dividends but those will be small enough that I can live without them.Originally posted by autoxer View Post
Yes, this is above and beyond my expense ratio. There is a table in the statement that shows fees and there are two lines, one for redemption fees and one for misc fees, both of which are 0% but at the bottom of that table there is a Total Fees line which shows 2%. Interestingly, I started going around the office today and so far half of everyone I talk to has these extra fees in different amounts.
Called the 401k help line again and they said they fixed it in their system and will be sending a new statement in the mail that shows 0%. No mention of fixing the missing funds.Comment
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The fees should clearly be stated in the monthly statement you receive. If they are not, you may want to contact your Plan Administrator/Sponsor.Originally posted by Goldy View PostComment
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oooo my GODComment
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