According to the American Association of Retired Persons, the average American is clueless about what they pay in management fees for retirement funds or that they’re even paying management fees at all. But it’s estimated that brokers and banks make anywhere from $30 billion to $60 billion a year in 401(k) fees. The Department of Labor established fee disclosure rules in February. The hope is that employers will start shopping around for plans with the lowest fees and plan managers will start lowering their fees to stay competitive. A 1% price drop might not sound like much, but if the stock market is only returning 3% a year, 1% is a third of your return.