Bloomberg discussed the 401(k) retirement system and the improvements that many companies are beginning to make to their plans. One of the issues addressed is how most U.S. workers are not aware what their retirement plan costs them due to the expenses being embedded in investment choices. Because of this, companies are starting to implement changes to their 401(k) plans to make them more user-friendly and the fees more transparent to employees.
Gardere Partner Michael A. Abbott spoke with the publication about this topic, stating that the "retirement system has been largely set up in a way that the fund companies have control." Mr. Abbott added that this type of structure makes it difficult for workers to understand what's being said.
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