As the saying goes, there's no such thing as a free lunch. Yet, according to a recent survey by AARP, 71% of 401(k) plan participants reported that they pay no fees for their plan. When told of the fees, six in ten (62%) were not aware of the amount they pay in fees to maintain their account. Just under one quarter (23%) of those surveyed said that they do pay fees.

"It's a very common misconception that plan participants have, that the plan is free to them, that the company is covering the complete cost," says Marylou Bontempo, an investment analyst with CBIZ Retirement Plan Services.

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