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The expenses that 401(k) plan participants incurred for investing in long-term mutual funds — which include equity, bond and hybrid funds — declined in 2012, consistent with the downward trend of the past decade and a half, according to a just-released report by the Investment Company Institute.

The report, The Economics of Providing 401(k) Plans: Services, Fees, and Expenses, 2012, found that plan participants holding mutual funds tend to invest in lower-cost funds. In 2012, the average expense ratio on equity funds offered for sale in the United States was 1.4 percent.

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