Hidden, high 401(k) fees that do not decrease commensurately as plan balances rise are individually costing investors hundreds of thousands of dollars over a lifetime of saving, while enriching asset managers with billions.
This is according to a report Hewitt Associates released Monday. Even with increased legislative and legal scrutiny of plan fees over the past few years, Hewitt believes federal action is needed to help plans sponsors and individuals receive better information from investment managers and administrators on these fees.
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