A total of 84,350 pension plans have vanished since 1985. This figure shocked Pulitzer Prize-winning authors Donald L. Barlett and James W. Steele, who just released their latest book, "The Betrayal of the American Dream." Their chapter on retirement chronicles the heist of the American dream's secure retirement by the financial elite and is a very important section of the book, says Steele, who spoke with the AFL-CIO about the retirement crisis. Steele says there's another number we should pay attention to: $17,686. That's the median value of 401(k) accounts in 2011. For most working people, the amount in their 401(k) account would pay them less than $80 a month for life.

Thanks to a new website from the U.S. Department of Labor’s Employee Benefits Security Administration, for the first time, workers with 401(k)-type retirement plans will be able to track what they are paying in fees to invest their savings.

The new site, Understanding Retirement Fees, also includes new tips and tools on making smart retirement investment decisions.

This is a cross-post from the National Labor College blog, NLC Invested. 

The Department of Labor has recently released new rules requiring 401(k) plan sponsors to disclose fees much more fully to participants. Hear more from Secretary of Labor Hilda Solis in the YouTube video, "Learn About New Employer 401(k) Fee Disclosure Rules."

On Sept. 13 at 2 p.m. EDT, Solis and Assistant Secretary Phyllis Borzi of the Employee Benefits Security Administration will explain how the new 401 (k) rules will work and share tips about how you can keep more of what you save.

Register here: http://tinyurl.com/9xlgf3p.

Read more from the U.S. Department of Labor.

The city of New York helps out taxpayers and retired public employees by sticking with a traditional defined-benefit pension plan rather than a 401(k) model, according to a new report issued by the National Institute on Retirement Security (NIRS). According to the NIRS release describing the report, ”A Better Bang for New York City’s Buck,” which was commissioned by New York City Comptroller John C. Liu:

New York City’s defined-benefit pension plans can deliver the same retirement income at a nearly 40 percent lower cost than a defined contribution 401(k)-type individual account.