The following is a statement from Brian H. Graff, CEO and executive director of The American Society of Pension Professionals & Actuaries in response to the Demos report, "The Retirement Savings Drain: Hidden & Excessive Costs of 401(k)s."

"A May 29 report by the liberal think tank Demos targets 401(k)s as a 'retirement drain' saying the fees associated with the plans outweigh any benefits associated with the popular savings vehicle. They claim an average couple will pay over $150,000 in 401(k) fees over their lifetime – costing them one third of their investment returns.

The report's analysis is based on irresponsible and unrealistic assumptions including the assumption that the average fees for mutual funds in 401(k) plans are almost 200 basis points (2 percent). The only thing proven by this report is that if you use ridiculous and biased assumptions you can reach ridiculous and biased conclusions.