Paul --

Thank you for the info.  Jerry's plan is currently being reconfigured. 

The problem was that NO ONE KNEW WHAT THE EXPENSES WERE!!!   The sponsor didn't know.  That might sound silly, but if you watch the program in detail you will see a shot of a letter sent to employees that said their costs were 10bps, if I recall correctly.  The narrator didn't talk about it, but there's a shot of it with a magnifying glass. The only one they could ask was the salesperson who brought the plan to the company and he thought he knew the costs, but he didn't.  He was wrong.  The costs were really and truely hidden. 

Jerry's been asking about expenses for a long time.  If you enjoy "war stories", this is mine.  Years ago, when his 401(k) first started, it was with Manulife (which was bought out by John Hancock).  This was is the mid to late 90s.  I called their office and asked for an accounting of the expenses.  The lady on the phone wouldn't connect me with anyone higher up the food chain, and she asked this question:  "Isn't the balance going up?"  I answered that it was, but so was the market.  I will never forget her answer:  "Then if the balance is going up, what do YOU care?"  And that was the end of that.  They wouldn't send us anything.  

I think those expenses are hidden in many  -- if not most -- plans, and I cannot recommend Loeper's book enough.   The people who present the plan to the participants typically DO NOT KNOW the expenses.  It's not that they know and they're prevaricating.   A friend who is an independent fiduciary has stated to me that he has never met a salesperson who does know the expenses in these types of plans. 

You may think I am a conspiracy theorist.  Wouldn't blame you!  But take a gander at the industry's responses to Congressman Miller's hearings on his bill to increase transparency in these types of plans.  The industry is furiously fighting any efforts at increased transparency.  And this isn't hyperbole!! 

m0neyh0ney