Acknowledging that plan sponsors may not be accustomed to having such frank conversations, employers need to ask TPAs how their fees are calculated and if they receive any compensation from mutual funds or trading platforms, comments Jim Bartoszewicz, executive vice president with Cowden Associates.

"Most hidden costs are in the investment management fees or contract charges," says Bartoszewicz, "so we generally calculate a bottom line number that includes all ongoing fees charged, plus the total investment management fees."

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