Edelson Lechtzin LLP is investigating whether fiduciaries of the WorleyParsons Group 401(k) Plan have violated the Employee Retirement Income Security Act of 1974 ("ERISA") by imprudently including unreasonably expensive and underperforming funds among the Plan's investment options. As shown below, even a small fee can have a large impact on your retirement savings.
A study by the Government Accountability Office found that "even a seemingly small fee can have a large negative effect on savings in the long run. As shown [in this chart], an additional 1 percent annual charge for fees would significantly reduce an account balance at retirement." Click here to view PDF from the U.S. Government Accountability Office (see page 10).