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

United States. Government Accountability Office.

United States. Government Accountability Office.

关键词: Government accountability -- United States.;    retirement security;    retirement savings;    letter report;   

RP-ID  :  GAO-09-641
RP-ID  :  294654

美国|英语

来源: UNT Digital Library

【 摘 要 】

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."