401(k) fees are falling, due to lawsuits over charges

Personal Finance

If your 401(k) is a little cheaper these days, make sure you thank your former coworkers.

A recent report from the Center for Retirement Research at Boston College found that a rash of lawsuits against employers in recent years is causing companies to rethink their fund offerings and push for lower fees.

“These lawsuits aren’t brought by the Department of Labor, but rather by former employees,” said Geoffrey T. Sanzenbacher, associate director for research at the Center and a coauthor of the report.

“This is the most interesting thing: The plan sponsor — the employer — is the one who is really liable, even if they don’t know the most about the plan,” he said.

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