I recently began a new job and discovered that Fidelity administers our company 401k plan. While reviewing my account, I noticed charges for “RecordKeeping Fee,” and I am wondering about the specifics of these fees and if there are any strategies to minimize or avoid them within the 401k plan.
What is RECORDKEEPING FEE in Fidelity 401k Account?
Many 401k plans, including those administered by Fidelity, come with various fees associated with them. One of these fees is the “RecordKeeping Fee,” which is a fee charged for the administration and management of the plan.
Although it may be disappointing to see additional fees in your retirement account, it is important to note that these types of fees are common among all 401k plans.
Also, there is no surefire strategy to avoid unnecessary fees, or at least for this particular fee from Fidelity.