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In the first year alone, as many as 900,000 accounts would not be opened, and between now and 2030, that number would jump to approximately 20 million, the IRI said.

The Hispanic Caucus said that the fiduciary definition is important to its community because low and middle-income Hispanics have retirement plan savings almost 40 percent lower than other low and middle-income individuals.

Many times the fee disclosures come in the form of lengthy documents or the information is spread out over multiple documents.

The tool was developed to give fiduciaries a simple and cost-effective way to make sure that their 401(k) plans are being carried out in accordance with government regulations and guidelines.

Many fixes have been proposed to solve the retirement crisis in America but none have been the cure-all parties could wish for.

The association says that the new report doesnt call out individual employers but still uses five-year-old data that doesnt take into consideration how far fees have come down since 2009.

The organization said that when tax reform was all the rage, the topic of retirement savings was at the forefront of the national conversation, but lately it has dropped off the radar.

American workers lack of retirement readiness has been dropped on the doorstep of the defined contribution market and its been pointed out again and again that 401(k) plans dont offer the same benefits that came with defined benefit pension plans.