7 pages. Excerpt: Our testimony today will focus on six issues: (1) the effect of fees on retirement savings in 401(k) plans; (2) disclosure of fees to participants; (3) disclosure of fees to fiduciaries; (4) the inappropriateness of charging plan administration fees to participant accounts; (5) the inappropriateness of a Department of Labor field assistance bulletin that allows a plan to charge extraordinary fees to the accounts of individual participants; and (6) the desirability of a government-sponsored, low-fee 401(k)-type service provider, which could provide an alternative to smaller businesses that often lack sufficient bargaining power to negotiate low-fee arrangements with third-party administrators.  MORE >>