Retirement Savings: Better Information and Sponsor Guidance Could Improve Oversight and Reduce Fees for Participants

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Description

A letter report issued by the Government Accountability Office with an abstract that begins "American workers increasingly rely on defined contribution (DC) plans like 401(k) plans and individual retirement accounts (IRA) for retirement income. Together with other DC plans--401(a), 403(b), and 457 plans--these accounts hold about $7.1 trillion. As workers accrue earnings on their investments, they also pay a number of fees that may significantly decrease retirement savings over the course of a career. GAO examined: (1) the types of fees charged to participants and investments of various DC plans; (2) how DC plan sponsor actions affect participant fees; (3) ... continued below

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United States. Government Accountability Office. September 4, 2009.

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Description

A letter report issued by the Government Accountability Office with an abstract that begins "American workers increasingly rely on defined contribution (DC) plans like 401(k) plans and individual retirement accounts (IRA) for retirement income. Together with other DC plans--401(a), 403(b), and 457 plans--these accounts hold about $7.1 trillion. As workers accrue earnings on their investments, they also pay a number of fees that may significantly decrease retirement savings over the course of a career. GAO examined: (1) the types of fees charged to participants and investments of various DC plans; (2) how DC plan sponsor actions affect participant fees; (3) how fee disclosure requirements vary; and (4) the effectiveness of DC plan oversight. GAO reviewed laws and regulations and consulted with experts, federal officials, service providers, and six plan sponsors."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • September 4, 2009

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  • June 12, 2014, 7:50 p.m.

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United States. Government Accountability Office. Retirement Savings: Better Information and Sponsor Guidance Could Improve Oversight and Reduce Fees for Participants, report, September 4, 2009; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc299826/: accessed December 17, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.