hi, everyone. welcome to "on the money." i'm becky quick. why your next visit to the doctor and not in person, a different kind of house call. what's the best place to start up a start up. and an unlikely recipe for success with an unusual idea for ice cream. >> everyone was like what's that? >> this is "on the money."

>> your life, your future. now becky quick. >> millions of people depend on their ira to fund their retirement. sharon epperson has more. >> former engineer ronald tusy is spending his retirement much like he imagined he would. what he didn't plan on was a prolonged legal battle with his former employer, abb, over his 401 k plan. >> it was very difficult to figure out exactly what it was costing you. >> he eventually filed a class action lawsuit, claiming the company failed to comply with federal law, causing plan participants to incur unnecessary and improper fees. >> we spent a year and nine months looking into industry practices and the abb plan and i came away convinced that people

were being ripped off for their retirement assets. >> a missouri federal court ruled in favor of tusy, but no one has received a penny. since the case is still on appeal, abb said it could not comment on an open case but did say benefit offerings are reviewed regularly. >> plan sponsor really need to be educated on, well, then who's getting paid? how are they getting paid? >> along with a rise in 401(k) lawsuits over the past several years, 401(k) fees have been declining. but ronald tusy says many companies still need to do more. >> it should be simple, it

should be straight forward what the cost is to have a particular fund. >> for "on the money," i'm sharon epperson. >> $4.7 trillion, that's how much americans are holding in their 401(k) plans. joining us to talk about the hidden 401(k) fees and what you can do to protect your nest egg, stacy francis. thank you for being here. >> thank you. >> how can people take things into charge? >> get your plan benefit book. get that from your h.r. services and they'll give you the plan summary booklet. that will spell out all the different fees for the plan and also for the mutual funds within there and gives you a lot of information you need to know. >> probably the line that's most

important is expense ratio, right? normal fees should be something like what under that expense ratio? >> they should ideally be less than 1%. >> it doesn't sound like much, if i'm a consumer, it doesn't get me excited. what does that mean over time? >> if you have 25,000 in your 401(k) plan, it's growing at 7%. with that low fee, it going to grow to $226,000. that 1% difference, say you now are paying a 1.5% expense fee, that's only going to be $163,000. that's a 28% drop in your retirement savings for that difference of 1%. it makes a big difference. for most investors, a really nice index fund is all you need and it has a lot lower fees.

>> explain an induction fund? >> it's holding a box of bond that represent one part of the market. the most famous index is the s&p 500. it's a great way to get exposure to large, good quality stocks and giving you a good jump start on your retirement. >> if you're watching and see that the s&p 500 did this or did that, that's basically what your mutual fund is doing every day and it doesn't take anybody really managing because it's just tracking what the index already is doing. >> yes. you have a hard time going wrong with something like that. >> what happens if you look at your 401(k) plan and you realize you're paying too much? what are your options? >> you can look to see can you invest in maybe your spouse's 401(k). make sure you're maxing that out. after you max that out, you can look to open up an i.r.a.

if you're -- make sure you at least put enough money in there that you get the full match from your employer. >> because you're leaving money on the table. >> yes, you're giving away free money. >> if a company didn't do due diligence, maybe they didn't try to. >> truly understanding the plan administrative fees is difficult because often they're buried. and there's millions of dollars that are being made by companies, by being able to pass these fees without your average

plan participant knowing. there's a lot more work to be done. >> given, they'll hand you a prospectus that may be 40 to 60 pages long that says here's what's in your plan. look for the line that says expense ratio. that's all you need to know. >> that's right. >> another day, another new high for stocks. it sounds like a broken record but one that people like to hear. the dow had surprisingly high earnings report and better than expected economics news. the s&p 500 set its fourth record in a row. the nasdaq was up, though about 3% away from its high. stocks were mixed on friday. if you noticed gas prices dropping around you, you are not alone. gasoline is expected to average $2.25 a gallon through

september. that is 35 cents below last summer's prices. can you say road trip? this next story you may not want to hear. by 2020 you may know every calorie in beer that you drink. >> up next, we're "on the money." will cancer be wiped out in our lifetime? how dna is helping crack the code of deadly disease. and later, find out where your state ranks among the best for business. as we head to break, take a look at how the stock market ended the week.

with the olympics less than three weeks away, the threat of the zika virus has caused many athletes to withdraw from the games. it's just one of the topics we talked about with the cleveland clinic president and ceo. >> i think the cdc has done a wonderful job in identifying areas where zika is prevalent. they're currently following about 500 women who are pregnant and who have been exposed to zika. but right now there are very few areas in the united states where you really have a major threat from the zika virus. >> is that something that could change rapidly? the cdc has warned we could see transmission in the

transcontinental united states. >> yes, but we count on the cdc to follow it. >> what's reasonable to expect and what are the best case scenarios? >> are there a number of ways we can reduce the incidence of cancer. one to decrease the incidence of smoking, two the decrease obe obesity and increase detection. >> what will work to wiping cans are out? >> i think genomics plays a big part in it. >> do you think in five, ten, 20 years wipe out the incidents of cancer? i doubt it. it will become a more chronic disease. prostate cancer is one of those

and several others are headed in the same direction. as people age, the incidence of cancer goes up. you're not going to see it go completely away. >> we are now in year six in the obamacare act. the bad news is health care insurance costs are rising. and there's a big pullback. what's happening from the hospitals' perspective? >> say the cleveland clinic, 60% of our payment and revenue comes from medicare, medicaid and people who have no pay and don't pay at all. so 40% is coming from the private insurance. the private insurance is increasing at 1% a year and government pay is increasing at about 1% a year. now, in the past we have lost money on medicare, medicaid and we have made up the difference in private insurance. now, private insurance, as it becomes less common, is not making up that gap for us. so we have to reduce our costs

of providing care. >> one of the things the cleveland clinic can now do is offer consultations from a doctor from the cleveland clinic on an ipad. >> it's more efficient for care givers and it an opportunity to expand the care to remote areas. >> so you're monot just the ceo and president of the cleveland clinic, you're a doctor. would you do something like that online? >> absolutely. if i have an orthopedic problem or follow up from a situation or follow-up from surgery where someone needs to look at the incision and see if it's okay, absolutely. we're looking at access to health care anywhere, any time. >> it's always a pleasure to see

you. >> up next, we're "on the money." who is number one, high stakes on the best steaks for business. and leaving finance for frozen desserts. ou this former banker is serving up his sweet second act. and a flexi-ball, th fives it pivots with every dip and divot. choose to smooth. venus swirl.

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just ranked the best states for business. here are the top five. north carolina is number five. number four is minnesota, colorado came in third, texas was second and the top state, reporter scott cohn has this report from drum roll please -- >> they call utah the bee hive state because the people here work so hard so when the nation was plunging to the depths of the great recession in 2008, this city branded itself silicon slopes and set out to attract investment. the governor was able to make an audacious pledge. >> my goal was to accelerate private sector generation to create 100,000 jobs in 1,000 days.

>> reporter: by the time those days what passed, not only created $100,000 jobs but talked on an additional 100,000 jobs. >> governor herbert like to tout the number of jobs we have but we don't have enough high-paying jobs. >> reporter: the state finishes in the top half or better of of all business categories but governor herbert admits there's work to do. >> we have to continue to keep the pedal to the metal. we have a higher birth rate than the national average, larger u u

industrious people came one a plan when times was bleak, stuck to it and won. >> all 50 states were ranked on ten criteria clue cluing infrastructure and cost of doing business. so which states came out at the bottom? hawaii came in at number 49. and in the last place it was the smallest state, rhode island. >> up next "on the money," a look at the news for the week ahead. there's a new kind of cold brew hitting the market. tea infused ice cream. one entrepreneur had to convince not only the public but his wife that it was a good idea. >> honestly i'm not a tea bringer and i'm not an ice cream fanatic. ...two times the odor-eliminating power to... ...remove odors you've done noseblind to [inhales] mmm. use febreze air effects, till it's fresh and try febreze small spaces... ...to continuously eliminate up to two times the odors... ...for 30 days febreze small spaces and air effects, two more ways...

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you won't see these folks they have businesses to run. they have passions to pursue. how do they avoid trips to the post office? stamps.com mail letters, ship packages, all the services of the post office right on your computer. get a 4 week trial, plus $100 in extras including postage and a digital scale. go to stamps.com/tv and never go to the post office again.

here are the stories coming up that may impact your money this week. earnings reports from ten dow stocks, including bank of america, netflix and ibm. on monday, the republican national convention kicks off in cleveland. on tuesday, we'll see how the real estate market is shaping up with june's housing starts. wednesday is the anniversary of the moon walk. back on july 20th of 1969, neil armstrong became the first person to walk on the moon. on thursday we'll be getting existing home sales numbers for june. and calling all you boys and girls, the first day of comic-con held in san diego.

when his finance career left him in the cold, making ice cream in his kitchen with some unusual ingredients. and now, it has led him to a recipe for sweet success. >> i was in corporate finance for six years. i was let go from my job in august of 2011. i had some time on my hands. i dusted off my ice cream maker that my wife gave me eight years ago. >> i bought him an ice maker a year after we got married. we had some time off to relax. i said, you know what, i'm going to make some ice cream. >> i always thought it was a great ingredient for ice cream, so i made the first batch. >> i'm not an ice cream fanatic. >> i tried it, i had my wife try it. >> i was like, it's actually really good. >> when i saw how well received it was from her, i thought we had something unique. we started production, we rented some kitchen space, a caterer's kitchen, working from 7:00 p.m. to 3:00 in the morning, brewing

tea, juicing ginger, calling buyers to get into the store. we launched in just 20 independent specialty grocers in connecticut. we entered into a few competitions. and went to some trade shows. we were a finalist in martha stewart's competition. we were a finalist for the sophie's award, kind of the oscars for the food industry. we had buyers from stores saying, we heard about this new product. we'd like to try it out. now we're producing about 15 to 20,000 pints a month. i love building a company. i love making ice cream. now we're kind of all in. >> joining us right now is mario light, the founder of terrific ice cream. mario, i'm looking at this stuff, and i know that you made it sound so easy. it's not that easy. what are some of the challenges you face when you start your own business like this? >> there's a few, as far as the product, you know, it's kind of hard to get really authentic tea

flavor into a full-fat ice cream. so that took us the better part of a year. we wanted to use a fresh-brewed tea to flavor it. it took a few months, about ten months to get the first version of it together in terms of what the ice cream base should be and how we should use the tea and brew it and so forth. >> when you first were able to get into stores, what was the biggest hurdle that you had to overcome? or how did you do it? >> first, i was using my skills, i guess, as a banker. just cold calling. just saying, hey, there's this new product. it's unique. there's nothing else out there on the market like it. very clean label. i hit all the trendy hot buttons that, you know, retailers are looking for. >> what advice would you give people who are thinking of quitting their jobs, chasing their dreams? >> i think the first thing is to make sure you're passionate about whatever you're going to do. because you're going to spend a lot of hours doing it. you're going to work at least as many hours or more on it. make sure you do market research. test your assumptions.

make sure you're addressing a gap in the market or a trend. and the other thing is, make sure you have enough -- more financing than you think you're going to need. because things happen. on the personal side, make sure you have enough personal finances, if you're the sole earner or what have you to live on. it will be a while before you snz make money off of it. >> i've got to try this. this is chamomile. this is lavender blueberry. i will try cam -- chamomile first. i will admit, i don't particularly like chamomile tea. >> it's really good.

>> thank you. >> that's very vanilla-y. >> there's no added honey in it. people think there's honey in it. it's all from the flower. >> this is really good. where can people find this? >> we distribute in pretty much all the whole foods, from maine to new jersey. we're also just launching in shop rite. almost all the locations in shop rite. stop 'n shop, king's. >> lavender blueberry is good, but the chamomile is really creamy. >> that was the sophie award winner last year. it was a big deal for us. >> congratulations on chasing your dreams and catching them. >> thank you. >> thank you for being here, mario. >> thank you. i'm becky quick. thank you for joining us. next week, something new to worry about. perfect. what to do if hackers infect your computer, and lock your files, unless you pay. it happens more than you might think. each week keep it right here for "on the money." have a great weekend, and i'll see you next weekend. mr. clean gets tough on dirt and grime and grease in just a minute mr. clean will clean your whole house and every room that's in it. floors, doors, walls, halls he's so tough, he cleans'em all grimy tubs and tiles he'll do so your bathroom looks clean as new mr. clean gets tough on stuck-on stuff

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>> narrator: in this episode of "american greed"... danny pang is a high-rolling financier with a devil-may-care attitude. >> "i don't give a [bleep]" he didn't care. >> narrator: pang says he makes millions betting on when people will die, but pang has a shady past, a gambling habit, and a murdered wife. >> danny pang hasn't been able to stop crying since his wife, janie, was found shot to death in the couple's upscale home friday night. >> narrator: soon, this gambler's house of cards collapses. >> the whole thing was based on a false underpinning, and it obviously came crashing down.