40% of 401(k) participants say fees a mystery, GAO reports
By Brian Croce
Source: Pensions & Investments
Almost 40% of 401(k) plan participants do not fully understand the fees they are paying, a Government Accountability Office report released Thursday found.
Moreover, 41% of participants incorrectly believe that they do not pay any 401(k) plan fees, according to the report.
The Department of Labor requires plans to provide participants with fee disclosures, but GAO found that 45% of participants are not able to use the information in disclosures to determine the cost of their investment fee.
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