Demos, a nonprofit advocacy group and a SCEPA partner on retirement security, published a report "The Retirement Savings Drain: Hidden and Excessive Costs of 401(k)s." Written by Policy Analyst and New School PhD student Robbie Hiltonsmith, the report reveals the excessively high fees and costs associated with 401(k) retirement plans that are hidden from plan holders. Hiltonsmith finds that the average two-member household will lose over $150,000 over their lifetime from their retirement savings to pay these fees - without their knowledge. More than 40 media sources and columns have covered the report, including an exclusive with Consumer Reports and pieces inReuters and the New York Post, among others. The media coverage has hinted toward other possibilities for retirement income security such as Guaranteed Retirement Accounts(GRAs). "What we need is a low cost set-it-and forget-it option," Hiltonsmith says. "You get your four percent return, the balances don't go up and down like a yo-yo and at retirement you get all or part of it as an annuity."
On June 20, 2012, Hiltonsmith appeared on Fox Business Network's Willis Report to discuss the dangers of hidden 401(k) fees. He says, "someone's going to be retiring off these 401ks but it's not going to be the ones saving."