Small business owners and their employees are overpaying for their 401(k) plans, according to a new study from America's Best 401k.

According to the report, most 401(k) studies are based on publicly available data required to be filed by plans with 100 or more participants. But this means that data from approximately 533,000 401(k) plans that have fewer than 100 participants are excluded.

As a result, the report says, most studies could be overestimating the impact upon small businesses and their employees of broader industry trends such as the lowering of fees or greater access to low-cost index funds.

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