73 million Americans use a defined contribution plans for retirement savings and no one knows
their annual costs. As head of the House committee on Labor and Education, Representative
George Miller exposed in Congressional hearings hidden costs of defined contribution plans-
401(K) and 403(B). The Department of Labor recently announced that retirement plan
providers must spell out all individual and general expenses deducted from an employee’s
retirement account. These regulations will not take effect until January 2012 so it is incumbent
that the new Congress does nothing to hinder these common-sense regulations.
An Elder Law Journal report estimated annual expenses …Read More