A proposal from US Senator Herb Kohl could help make many Americans more aware of where their retirement funds are going. The Wisconsin Democrat is introducing legislation that would require firms managing 401k plans to disclose the fees they're charging clients.
Lisa Lamkins with AARP Wisconsin says it's a good idea, because many people don't have access to all the information they need to manage their finances. Lamkins says many Americans have no idea how much firms are making off their retirement savings, even though it can add up to thousands of dollars.
Lamkins also believes disclosure would help get more people interested in how they're saving for retirement. She says people may take more of an active interest in their retirement funds if they knew where the money is going.