(Bloomberg) -- We all know that the U.S. has a looming retirement crisis. The baby boomers do not save enough for their golden years. Social Security is funded at levels that are less than ideal. Private savings in the form of Individual Retirement Accounts and tax-qualified plans like 401(k)'s also appear to be insufficient.

One of the dirty little secrets about 401(k) accounts is their under-performance -- returns average 3 percent to 4 percent versus 8 percent to 10 percent for comparable 70/30 balanced portfolios. One of many factors that drive these weak returns are the drag from excess fees.

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