Congressional Testimony on Hidden Fees in 401(K) Plans

23 Pages Posted: 13 Mar 2007 Last revised: 9 Apr 2008

Date Written: March 6, 2007

Abstract

Very few matters of social importance are more complex than the one before you today. This particular issue is not only about uncovering obscure dollars unscrupulously extracted from the account balances of America's workforce, but it is also about correcting the culture that has permitted the problem to thrive in the first place. This written testimony will explain what the culture is, why it exists, how it has evolved over time, how it violates basic economic principles, the integrity of rules of fiduciary prudence, the exclusive benefit rule under ERISA, and other common sense practices that are critical for delivery of expected results from employer defined contribution retirement plans.

Keywords: Economics, Finance, Retirement, Social Security, 401(K), Pension, Fees, Profit Sharing

JEL Classification: A10, E40, G10, G20, G30, H20, H80, J30, K00

Suggested Citation

Hutcheson, Matthew D., Congressional Testimony on Hidden Fees in 401(K) Plans (March 6, 2007). Available at SSRN: https://ssrn.com/abstract=968866 or http://dx.doi.org/10.2139/ssrn.968866

Matthew D. Hutcheson (Contact Author)

affiliation not provided to SSRN ( email )

No Address Available

Register to save articles to
your library

Register

Paper statistics

Downloads
142
Abstract Views
1,005
rank
208,046
PlumX Metrics