Digging Into the Details: 5500 Filings
In the retirement plan world, many people assume that someone — a regulator, a third-party administrator, a provider — is keeping a close eye on fees, vendors, and plan quality. But the truth is, very few people are actually reviewing the details of individual retirement plans.
That’s why I focus so much of my time and energy on Form 5500 filings — the public documents every employer with a retirement plan is required to submit each year. These forms disclose key plan information: service providers, investment options, and most importantly, the fees being charged to participants.
And while most of the industry looks at aggregated data or market trends, I take a different approach: I get specific.
Why I Do It
I’ve personally reviewed thousands of 5500s. I’m not just looking for patterns — I’m calling out individual plans with excessive fees, questionable vendor choices, and outdated structures that hurt the very people the plans are supposed to help.
I regularly name names — such as nonprofits and unions and especially professional service providers including law firms and medical practices — because I believe public accountability is a powerful tool for change. And I back it up with:
Screenshots and direct excerpts from the 5500 filings
Fee comparisons against flat-fee advisors and benchmarks like Vanguard
Clear, jargon-free commentary anyone can understand
This isn’t about shaming — it’s about shining a light. Employers and participants deserve to know when something is off. My goal is to equip them with real, actionable insights so they can ask better questions and make better decisions.
How Others Use 5500s — And How I’m Different
I’m not the only one using 5500 data, but I approach it differently than most.
What I bring to the table is depth and specificity. I don’t just say “fees are too high” — I show who’s paying too much, why, and how they could fix it.
Why It Matters
Most employers and participants have never seen a Form 5500 — and if they have, they probably didn’t know what to look for. That’s a problem. Because hidden fees and misaligned incentives can quietly erode retirement savings for years.
My mission is to change that.
By digging into the details and speaking plainly, I’m hoping to raise awareness, increase transparency, and push the industry toward better, fairer outcomes — one plan at a time.
If more people took a closer look at the filings, asked the hard questions, and refused to accept “business as usual,” I truly believe we’d see a retirement system that works better for everyone.