For some employees, the 401(k) system works great: They have easy access to low-cost funds with high returns. But many participants are stuck in investments with bloated fees and pay for costly advisory services on top — and may never know it because they’ve never scrutinized their plans’ disclosures. (If you’re worried this is you, our questionnaire below explains how you can check.)
As we’ve reported, the Trump administration wants employers to include less-regulated “alternative” investments like private equity and cryptocurrency in 401(k) plans. To make that happen, the administration is changing regulations and pulling back on enforcement of the law that protects participants.
ProPublica is taking this opportunity to investigate these changes and the broader 401(k) system. To do this reporting, we need detailed insight into what’s happening inside plans: what products financial services companies are pushing and what fees they are charging. Many of these details are not made public, but they are disclosed to plan participants. That’s why we need to hear from participants in these plans, employers (particularly small-business owners) and those with expertise in the industry. The more people we hear from, the better informed our reporting will be.
