Paychex fees for 401K transfer

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Paychex fees for 401K transfer

Postby stevemiller » Fri May 03, 2013 3:51 pm

I just transferred my companies payroll service provider from Paychex to ADP, and with it transferred my 401K plan. Paychex informed me that they charge $1200 to transfer the 401K plan. Has anyone got around this fee?

I should mention that it is a small company, only me plus 3 active employees. Plus 4 past employees with money still in the 401K. I looked at Employee Fiduciary but its cost are higher than either Paychex or ADP. Plus they do the payroll which is the most important thing
Last edited by stevemiller on Sat May 04, 2013 4:23 pm, edited 1 time in total.
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Re: Paychex fees for 401K transfer

Postby leonard » Fri May 03, 2013 4:33 pm

Negotiate and make a counter offer. and, I assume the $1200 is for the whole plan to move?

btw - I have never seen a 401k plan from either Paychex or ADP that was any good. Usually, high cost. If you are switching 401k plans anyway - you may as well assess the options out there for low cost plans - like employee fiduciary - and make the switch once.
Leonard | | Market Timing: Do you seriously think you can predict the future? What else do the voices tell you? | | If employees weren't taking jobs with bad 401k's, bad 401k's wouldn't exist.
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