Philips Electronics'美国司的福利和补偿计划主任Lisa Pyne喜欢拨打铁锹。
由金妮圣戈尔
May 2001
亚博赞助欧冠机构投资者杂志
Philips Electronics'美国司的福利和补偿计划主任Lisa Pyne喜欢拨打铁锹。"When we have employee meetings, a big section at the front of our handouts describes the fees in our 401(k) plan," she says.
Pyne is the rare straight shooter. In the 401(k) business, fee disclosure, whether to plan participants or sponsors, has been a notoriously murky affair. "There is so little comparability between vendors," says Jag Alexeyev, a consultant with Strategic Insight, a mutual fund research and consulting firm. And even within an individual vendor's fee structure, the price tags on separate services are not obviously marked.
这是因为狮子率为401（k）服务的付款被收集为投资管理费，计算为资产的百分比。投资经理（通常是共同基金公司），该计划的职务人员及其受托人分享那种金额。有时，两个或三个管理职能在行业术语中捆绑在一起，并由一个机构处理。
The picture is further complicated by the fact that fees are sometimes levied at three levels: first, on assets under management; second, on a per-participant basis; third, as an administrative fee paid by the plan as a whole.
Certainly, fees vary widely. At the expensive end of the spectrum, a small plan (less than $10 million in assets) that is administered by an insurance company might pay expenses totaling 350 basis points on total assets. At the cheaper end, at a large company like Philips, which uses the services of Vanguard Group, the expense ratio for the plan is about 29 basis points. Of course, bigger plans command a break on pricing. But this also makes it difficult for a small plan to evaluate its pricing structure. How much of the substantial fee differential reflects actual economies of scale, and how much is something more akin to price gouging?
Vanguard，其低费用是基金公司的主要销售点之一，试图镀锌行业改善费用披露。它在过去两年内每年向计划提案国颁发的“齐全的费用报告”，正是为哪个服务支付了哪些服务。
Charles Schwab＆Co Co.和强大的资本管理也很明确地对待费用。例如，Schwab通过分析计划可能会考虑的投资期权，开始与计划赞助商的费用讨论。施瓦布退休计划服务部长的高级副总裁James McCool表示，“我们阐述了每个基金将从施瓦布启动的收入以及将覆盖的成本展示。
"We don't require the choice of actively managed Schwab funds," McCool adds, referring to the category of funds that brings the highest-margin revenue to Schwab.
“对我们来说，来自Vanguard的[Vanguard的报告]清楚地确定了公司支付和参与者支付的内容，”Alcan铝合金公司的福利计划经理John Stamatiades，例如飞利浦，依靠Vanguard为捆绑的定义的三重奏贡献服务：投资管理，记录和托管。Stamatiades认为，特别是展示各种费用在25年的投资过程中的投影的预测。
MCHENRY咨询集团的董事总经理和创始人沃里斯说，“一些参与者的支付比支付需求的增加20％至200％。”差异在于计划之间的固有差异，其中一些乍一看似乎类似。
例如，Philips定义的捐款计划在资产上大约9.4亿美元，接近19,000名参与者，可达平均账户余额约为48,000美元。
Alcan计划在资产和约5,600名参与者中拥有约3.8亿美元，平均账户余额约为68,000美元。鉴于最大的费用收入份额作为资产的百分比，飞利浦基金以绝对术语抛出更大的费用，但每个参与者的费用只有70％的阿尔坎。
At Philips, where parts of the defined contribution plans have been accumulating assets since their inception in the 1970s, some of those relatively high account balances belong to sophisticated participants who rely on the Web (at little cost) to manage their 401(k) accounts. Meanwhile, the relatively low-balance account holders of Philips demand more time and attention (at a higher cost) from the plan provider. If the two plans - Alcan's and Philips's - were priced on the same criteria, Alcan's would be much more profitable to vendors.
“复杂的提供者正在单独定价每个客户，”Paul Heller为Vanguard定义的贡献服务报告。Schwab也是如此。MCCOOL说：“我们的”无饼干 - 刀具定价方法“减少了跨计划补贴的可能性。”除了基于每位参与者的平均资产的价格，先锋和施瓦布因子进入方程行政复杂性（即，有多少计划以及有多少工资单）;投资选择的混合，包括在外部资金或公司股票中投入的资产百分比;以及参与者依赖于辅助服务，如教育。Vanguard通常提供两年或三年的合同，承诺不超过一定比例的费用。“当然，如果任何材料假设大幅度变化，可能会被砍封，”飞利浦的Pyne解释说。
但并非所有供应商都如此系统地为客户价格，并且在许多情况下，关于如何价格的基本混乱使得Pyne等计划赞助商的工作更加困难。
此外，个人计划中存在不公平。有效地，账户余额接近300,000美元的中年高管可以支持多达十个低余额账户持有人。即使是最低成本的计划，其平均支付了20个资产的基本点，那么大型人员的费用为600美元，而有10,000美元的余额仅占收费20美元的人。
如果大巢蛋持有人不积极交易或不使用教育服务，则这个间接补贴特别萎缩。到目前为止，大多数更高余额的账户持有人没有反对收费结构的不平衡。
由金妮圣戈尔
May 2001
亚博赞助欧冠机构投资者杂志
Philips Electronics'美国司的福利和补偿计划主任Lisa Pyne喜欢拨打铁锹。"When we have employee meetings, a big section at the front of our handouts describes the fees in our 401(k) plan," she says.
Pyne is the rare straight shooter. In the 401(k) business, fee disclosure, whether to plan participants or sponsors, has been a notoriously murky affair. "There is so little comparability between vendors," says Jag Alexeyev, a consultant with Strategic Insight, a mutual fund research and consulting firm. And even within an individual vendor's fee structure, the price tags on separate services are not obviously marked.
这是因为狮子率为401（k）服务的付款被收集为投资管理费，计算为资产的百分比。投资经理（通常是共同基金公司），该计划的职务人员及其受托人分享那种金额。有时，两个或三个管理职能在行业术语中捆绑在一起，并由一个机构处理。
The picture is further complicated by the fact that fees are sometimes levied at three levels: first, on assets under management; second, on a per-participant basis; third, as an administrative fee paid by the plan as a whole.
Certainly, fees vary widely. At the expensive end of the spectrum, a small plan (less than $10 million in assets) that is administered by an insurance company might pay expenses totaling 350 basis points on total assets. At the cheaper end, at a large company like Philips, which uses the services of Vanguard Group, the expense ratio for the plan is about 29 basis points. Of course, bigger plans command a break on pricing. But this also makes it difficult for a small plan to evaluate its pricing structure. How much of the substantial fee differential reflects actual economies of scale, and how much is something more akin to price gouging?
Vanguard，其低费用是基金公司的主要销售点之一，试图镀锌行业改善费用披露。它在过去两年内每年向计划提案国颁发的“齐全的费用报告”，正是为哪个服务支付了哪些服务。
Charles Schwab＆Co Co.和强大的资本管理也很明确地对待费用。例如，Schwab通过分析计划可能会考虑的投资期权，开始与计划赞助商的费用讨论。施瓦布退休计划服务部长的高级副总裁James McCool表示，“我们阐述了每个基金将从施瓦布启动的收入以及将覆盖的成本展示。
"We don't require the choice of actively managed Schwab funds," McCool adds, referring to the category of funds that brings the highest-margin revenue to Schwab.
“对我们来说，来自Vanguard的[Vanguard的报告]清楚地确定了公司支付和参与者支付的内容，”Alcan铝合金公司的福利计划经理John Stamatiades，例如飞利浦，依靠Vanguard为捆绑的定义的三重奏贡献服务：投资管理，记录和托管。Stamatiades认为，特别是展示各种费用在25年的投资过程中的投影的预测。
MCHENRY咨询集团的董事总经理和创始人沃里斯说，“一些参与者的支付比支付需求的增加20％至200％。”差异在于计划之间的固有差异，其中一些乍一看似乎类似。
例如，Philips定义的捐款计划在资产上大约9.4亿美元，接近19,000名参与者，可达平均账户余额约为48,000美元。
Alcan计划在资产和约5,600名参与者中拥有约3.8亿美元，平均账户余额约为68,000美元。鉴于最大的费用收入份额作为资产的百分比，飞利浦基金以绝对术语抛出更大的费用，但每个参与者的费用只有70％的阿尔坎。
At Philips, where parts of the defined contribution plans have been accumulating assets since their inception in the 1970s, some of those relatively high account balances belong to sophisticated participants who rely on the Web (at little cost) to manage their 401(k) accounts. Meanwhile, the relatively low-balance account holders of Philips demand more time and attention (at a higher cost) from the plan provider. If the two plans - Alcan's and Philips's - were priced on the same criteria, Alcan's would be much more profitable to vendors.
“复杂的提供者正在单独定价每个客户，”Paul Heller为Vanguard定义的贡献服务报告。Schwab也是如此。MCCOOL说：“我们的”无饼干 - 刀具定价方法“减少了跨计划补贴的可能性。”除了基于每位参与者的平均资产的价格，先锋和施瓦布因子进入方程行政复杂性（即，有多少计划以及有多少工资单）;投资选择的混合，包括在外部资金或公司股票中投入的资产百分比;以及参与者依赖于辅助服务，如教育。Vanguard通常提供两年或三年的合同，承诺不超过一定比例的费用。“当然，如果任何材料假设大幅度变化，可能会被砍封，”飞利浦的Pyne解释说。
但并非所有供应商都如此系统地为客户价格，并且在许多情况下，关于如何价格的基本混乱使得Pyne等计划赞助商的工作更加困难。
此外，个人计划中存在不公平。有效地，账户余额接近300,000美元的中年高管可以支持多达十个低余额账户持有人。即使是最低成本的计划，其平均支付了20个资产的基本点，那么大型人员的费用为600美元，而有10,000美元的余额仅占收费20美元的人。
如果大巢蛋持有人不积极交易或不使用教育服务，则这个间接补贴特别萎缩。到目前为止，大多数更高余额的账户持有人没有反对收费结构的不平衡。