U.S. Department of Labor rules requiring detailed disclosure of 401(k) expenses are scheduled to take effect this year, making it easier for companies and their employees to see what they're being charged. The rules may spur small employers and their workers, who generally pay higher fees for their plans than larger companies, to shop for better deals, and put pressure on providers such as mutual-fund firms and insurers to cut costs.
Schwab also is developing a 401(k) offering comprised exclusively of index-based exchanged-traded funds, which may be available by the middle of next year, Anderson said. Shares of exchange-traded funds, known as ETFs, generally track an index and trade on an exchange like a stock.
"We really feel three, four, five years from now ETFs are going to be a much bigger player in the 401(k) space," said Anderson. "We feel we are well positioned to introduce that to the market."