By Daily Crux Editor Brandon Herrin:

If you own a 401(k), chances are hidden fees are eating away at your returns... especially if you’re working for a small business.

401(k) managers routinely find sneaky ways to conceal the total fees they’re charging clients. But new legislation proposed by the House Education and Labor Committee seeks to minimize this problem by forcing 401(k) managers to provide a breakdown of these fees.

The increased transparency would benefit small businesses the most. A survey conducted by Deloitte Consulting discovered that small employers - those with fewer than 100 participants - pay annual fees averaging 2.03% of their assets compared to .49% for larger companies with participants totaling over 10,000. According to the GAO, these increased fees would knock 17% off your 401(k) balance over a 20 year period.

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