I am especially interested in comparing the administrator fees (fees over and above the individual fund fees).
Peter, you really cannot compare the metrics of your plan to the plans in the Brightscope database. The plans in the Brightscope database are typically 100 plus employees.
Administration and plan expenses, in general, are scaled to the size of the plan, both participating employees, average account balance, and total assets. .
So, if your company has a plan with 20 employees and an average account balance of $3,000, expenses would typically be a whole lot higher than another plan with 20 employees and an average account balance of $50,000. Even a plan with 250 employees and a very low account balance would have higher expenses.
Your employer has a fiduciary responsibility to provide a plan with reasonable fees. Often times, the company is trying to offer a nice benefit to employees and can not do too much about the fees. Part of the reason is that every plan must have a third party administrator that has to perform non-discrimination testing to be sure plan is not discriminating in favor of owners and highly compensated employees. If there are a large number of employees or assets, the expense can be spread out better.
You may not be thrilled with the fees as compared to larger plans, but, hopefully, you are getting an employer match. And, of course, you get tax deferred growth.
AXA, in general, is a fairly competitive plan for smaller plans. Hope this helps.
Good news, your plan is in the database. If you talk to Karen or whomever is the plan administrator and have them contact Brightscope.com they can talk to them about getting a BrightScope score. In order to rate a plan, Brightscope.com needs the Summary Plan Description and the Schedule of Assets.
As a side note, I looked at the information available and find myself asking the question, “Is the advisor/broker to this plan interacting with the plan?” I am asking this question for a very specific reason based on what I see so far. I would recommend that the Administrator talk with someone about this plan before an auditor sees what I see.