I'm all for more transaparency. Also, I feel we need to radically reform 401(k) and 529 Plans by allowing plan participants to invest in any stocks and mutual funds instead of the few blessed by the plan administrators you don't know in person and cannot influence.

Under current law, the fees must be fully disclosed to those at companies who decide on 401(k) plans, but not to investors themselves.

Investment fees make up the bulk of charges in 401(k) plans. Many plans, however, also charge record-keeping and other administrative or legal costs, as well as fees used to cover the advertising expenses and commissions paid to brokerage firms.

In addition, critics say, lawmakers look at potential conflicts of interest that arise because pension consultants are not required to disclose payments they receive from companies that manage 401(k) plan assets.

"A large portion of the costs of conventional 401(k) plans relate to services that have little or nothing to do with building and protecting retirement-income security, and hence are excessive," Matthew Hutcheson, an independent pension expert, said in testimony prepared for Tuesday's hearing.

The American Benefits Council, which represents employers and 401(k) plan providers, says it supports disclosure of fees, provided that the information is useful to investors, easy to understand and relevant to investment decisions.