Ringling Bros. and Barnum & Bailey Circus has been around for more than a century and it proclaims itself to be the “Greatest Show on Earth”. In 1985, the Greatest Show on Earth presented a living unicorn. Of course, the problem was that a unicorn is a mythical creature. How Ringling Bros. thought that a goat with a horn sticking through its head could be pawned off as something that doesn’t exist is beyond me. In the 401(k) retirement plan industry, one of our “unicorns” is the idea that 401(k) plan sponsors could have their plans administered for free. Of course the free 401(k) administration unicorn doesn’t have a horn, it’s just loaded with fees that plan sponsors choose to neglect. So this article is about why there is no such thing as free 401(k) administration.