Vanguard said the small 401(k) plan service that it introduced last month for plans of up to $20 million in assets under management has been receiving a great deal of interest, particularly the platform’s concentration on low-cost index and target-date funds, and its “all-in” plan fees that include investment, recordkeeping and administration costs.

According to data from the Investment Company Institute and Deloitte Consulting, the average all-in fees for plans between $1 million and $10 million in assets is 1.27%, whereas Vanguard’s is roughly 32 basis points, Vanguard said.

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