401(k) plan participants paid less in mutual fund fees than the average investor industry last year, according to the Investment Company Institute’s latest report on the retirement space.

For example, the average asset-weighted expense ratio paid by 401(k) plan participants for investing in equity funds was 63 basis points in 2012, versus the industry average of 77 bps, according to ICI.

The report also revealed that 84% of 401(k) plan assets in equity mutual funds were invested in funds with expense ratios of less than 1% at year-end 2012, and 35% of 401(k) equity mutual fund assets were in funds with expense ratios less than 50 basis points.

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