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FeeX co-founder and CEO Yoav Zurel tells me that by accumulating retirement fee information with FeeX, users can compare what they are paying to others with comparable accounts.
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There is no national racing body to impose retirement fees, and the industry has made it clear over the years that it must be forced to regulate itself effectively.
FeeX, which helps users save on hidden retirement fees, has raised $3 million in Series A funding from Blumberg Capital.
Retirement fees in America could add up to anywhere from $30 billion to $60 billion total per year, but according to a 2011 AARP study, seven in 10 Americans are not aware of the fees charged to maintain their 401(k) accounts.
DEFINING EXCESSIVE FEES So when are retirement plan fees unconscionable?
Of A.I.G.'s 116,000 direct employees, about 62,000 work in Asia, and about 40percentt of A.I.G.'s $54 billion in life insurance premiums and retirement services fees is from Asia, excluding Japan.
And why is Levine's next company FeeX, which helps reduce your retirement savings fees, more important than the impact he could have at Google? Mobile is all the rage now, but Levine has been working in the space for well over a decade.
A significant portion of Americans discounts the impact of retirement investment fees by more than 90percentt.
"But you're not going to get millions of Americans to retirement by taking fees from 70 to 50 basis points".
Unless California workers opt out, three percent of their earnings would be invested in a low-fee retirement savings plan with a balanced investment portfolio.
For example, index mutual funds and exchange-traded funds typically have low investment management fees.** If your plan offers these types of funds, this may enable you to put less of your retirement savings toward fees and potentially put more into your retirement plan account.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com