Fee disclosure has been a big deal for private defined contribution plans, but a survey by the National Association of Government Defined Contribution Administrators found that some government-sponsored plans — 15 percent — don't have a clue about the fees being charged to plan participants.
An additional 12 percent of government plans said they didn't fully understand the fees in each fund of their core lineup.
The survey, which was conducted in the first quarter, found that out of 127 responding federal, state and local government defined contribution plans, the average investment management fee was 0.31 percent. If the fee included recordkeeping costs, it was 0.46 percent.
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