TDFs' explosive growth masks the fact that they are still in their infancy, said Rich Weiss of American Century Investments.

There are two disclosure regimes advisors have to comply with: 408(b)(2) plan disclosures and 404(a)5 participant disclosures.

A 28 percent cap on retirement deductions was just one of 15 proposals of the Brookings Institutions Hamilton Project.

Plans of all sizes both saw declines in total plan costs, investment fees.

Although half of Americans consider retirement a top priority, 58 percent do not have a formal retirement income and savings plan.

It's not yet a "failed experiment," experts say, but there is certainly room for improvement.

Annuity sales over all were down for the last quarter of 2012, but LIMRA found deferred and indexed annuities were among the most successful classes.

The tool also gives a target score as a reference point for how much they should have saved so far.