Wednesday, March 7, 2007
The House Education and Labor Committee held a hearing yesterday on fees charged on 401(k) plans, the first of two planned hearings. According to one witness, an independent consultant, fees often total 3.5-5% of assets when 1.5% would be more appropriate. In addition, lawmakers heard complaints that fees were hard to figure out. Mutual fund industry representatives disputed the charge that the fees are too high or hidden. See WPost, Lawmakers Scrutinize Fees for 401(k) Plans.