Your retirement plan is making someone rich — and it may not be you.
Those were the findings from a recent study of small-business retirement plans.
America's Best 401k, a Scottsdale, Arizona-based firm that works with retirement plans, looked at 401(k) fee disclosures for 11 insurers and payroll companies that specialize in small businesses, generally plans with fewer than $10 million in assets.
The analysis showed that these plans, on average, charge 1.19 percent to 1.95 percent.
That amount is higher than the average total cost for all 401(k) plans, which was 0.97 percent in 2014, according to data from the Investment Company Institute and Brightscope, another company that tracks 401(k) programs.
"The backbone of America is small business — this is where people are continuing to get hosed," said Josh Robbins, chief strategy officer for America's Best 401k.