hi, everyone. welcome to "on the money." i'm becky. the high cost of hidden fees. how to find out if your 401(k) plan is costing you precious retirement money, and what you can do about it. why your next visit to the doctor could be on the computer and not in person. a different kind of house call. what's the best place for a startup to start up. the career changer with an unlikely recipe for success. the scoop on how one entrepreneur went from downsize to delicious with an unusual idea for >> what is that? >> on the money starts right this is "on the money," your money, your life, your future. now, becky quick. >> we begin with the hidden fees that may be eating away at your nest eggs. unless you k

costs of the funds in your retirement plan, you may end up with less money than you think. it could be a big retirement roadblock and that is our cover story today. senior perm correspondent sharon epperson has more. >> former engineer ronald tusey is spending his retirement much like he imagined he would. what he didn't plan on is a prolonged legal battle over his 401(k). tussey claimed 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 tussey.

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 tell us that, quote, benefit offerings are revd regularly to ensure they remain competitive and compliant as well as cost effective. experts who help companies design 401(k)s, say they need to understand how fees work and explain to participants where the >> plan sponsors really need to be educated on who's getting paid. and how are they getting paid. along with the rise in 401(k) lawsuits over the last several years, 401(k) fees have been declining. with the average total cost dropping to less than nine-tenths of a participant's assets. >> it should be simple. it should be straightforward, what the cost is, to have a particular fund. >> for "on the money," i'm sharon epperson. >> $4.7

much americans are holding in their 401(k) plans. but those plans don't come for free. sometimes finding out how much they're costing you can be very difficult. joining us to talk about the hidden 401(k) fees, and what you can do to protect your nest egg, is stacy francis of francis financial. thank you for being here. >> thank you. >> that's a great question. what are these hidden fees, how do you get at them, how can people take things into charge in their own hands? >> the first thing you can do is get your plan benefit book. get that from your hr services. so go to your human relations resources, and they'll give you the plan summary booklet. that's going to help spell out all the different fees associated both for the plan, but also with the mutual funds in there. it gives you a lot of information you need to know. >> the most important is the expense ratio. most of the expense ratio line will tell you exactly what you are paying, and normal fees should be like what? >> they should ideally be less

offering me a 1% discount, it doesn't get me excited. what does it mean over time? >> if you have $25,000 in your 401(k) plan, going to be retiring in 35 years, it's growing at 7%, but that half a percent, that low fee will grow to $226,000. what's interesting, that 1% difference, let's say you're 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 also has a lot lower fee. >> explain what an index fund is. >> it's holding a basket of stocks, or a basket of bonds that represent one part of the market. the most famous index is s&p 500. and that's a great way, for

large good-quality stocks and giving you a good jump-start on your retirement. >> what you're doing is tracking the s&p 500 index. >> yes. >> if you're watching the markets every night and see the s&p 500 did this or that, that's basically what your mutual fund is doing every day. it doesn't take anyone managing it. >> you have a hard time going wrong with something like that. >> what happens if you go and look at your 401(k) plan and realize that you are paying too much on one of these things? what are your options? >> if you have a lousy 401(k) plan, the first thing you can do is look to see, can you invest in maybe your spouse's 401(k). make sure you're maxing that out. after you've maxed that out, look to open up an i.r.a. if you're under age 49 and under, you can put $5,500 in it, 60 and above, you can put $6,500 in it. at least put enough money in there to get the full match from your employer.

money on the table. >> exactly. you're throwing away free money. at least get the free money. >> this is such an important area. we are hearing about more and more lawsuits, people saying their company wasn't doing due diligence. it doesn't mean the company was trying to put them in a bad plan, but maybe the company didn't do the due diligence. why is it taking us so long to focus on this one? it's such a huge amount of money. the biggest area of savings for most americans. >> 401(k)s are the dirty little secret of financial services. they're quite complicated. and 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 on without your average plan parts paicipant knowing. it's more out in the open, which is good, but there's a lot more work to be done. >> they'll hand you a

pr. th so . here's a look at what's making news. another day, another new high it sounds like a broken record but one that a lot of people like to hear. e dow hit a new high for a third day in a row on thursday and again on friday, in part because of surprisingly strong earnings reports, and better than expected ec the s&p 500 set its fourth record nye a row. the nasdaq was up, though it was up 3% away from its high. but stocks were mixed if you've noticed, gas prices dropping around you, you are not alone. gasoline is expected to average $2.25 a gallon until september. that is 39 cents below last summer's prices. you say road trip? by the way, the next story, you may not want to hear, but by the year 2020, you could know exactly how many caloriesre

every beer you drink. a group that represents major beer companies is pushing for more information on labels, including carbs, fats and alcohol by volume. however, some of the smaller craft brewers say the labels be a six-pack of paperwork for th up next, "on the money," will cancer be wiped out in our lifetime. how dna is helping crack the code of the deadly disease. later, where can you find jobs? high-quality of life and low-cost living? find out where your state ranks among the best for business. right now as we head to a break, look at how the stock market ended the you stay up. you listen. you laugh. you worry. you do whatever it takes to take care of your family.

we're here for you. we're legalzoom, and for over 10 years we've helped families just like yours with wills and living trusts. so when you're ready, start with us. doing the right thing has never been easier. legalzoom. legal help is here. weinto a new american century. born with a hunger to fly and a passion to build something better. and what an amazing time it's been, decade after decade of innovation, inspiration and wonder. so, we say thank you america for a century of trust, for the privilege of flying higher and higher, together. ♪

the olympics less than three weeks away. the threat of the mosquito-borne zika virus has caused many athletes to withdraw from the game. could the disease reach the united states? one of the topics we talked about with toby cosgrove, the president and ceo when we spoke with him recently. >> 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 who have been exposed to th 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 warned we could see transmission in the continental united states. >> i think that's always a possibility. but i think that's one of the things that we count on the cdc to follow for us. >> where do we stand right now in the battle against cancer? what's reasonable to expect? and what are the best case scenario? >> if you look at

the incidence of cancer. one is decrease the incidence of smoking. two, decrease the incidence of obesity, so that's prevention. early detection with mammography and colonography. >> what will make us able to concentrate once people have cancer in wiping it out? >> i think genomics is going to play into this. that is an enormous -- >> personalized care for cancer where they're looking at your particular cancer, not broad ranges of it? >> absolutely. we all think in five or ten or 20 years will wipe out the incidence of cancer? i doubt it. it will become more chronic disease. we're seeing that already in many types of cancer. prostate cancer is one of those examples. as people age, the incidence of cancer are up, so you won't see it completely go away. >> we're now in year six of the affordable care act. a lot m

health care coverage. that the good news. bad news is health care insurance costs are rising. what's happening from the hospital's perspective? >> right now, just say the cleveland clinic, 60% of our payment and our revenue comes from medicare, medicaid and people who don't pay at all. so 40% is from the private insurance. and that is shifting over time. the private insurance is decreasing in about 1% a year. and government pay is increasing at about 1% a . 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. >> i know one of the things the cleveland clinic can now do is offer consultations with a doctor on an ipad. th

care deliverers, and it is an opportunity to expand the scope of care to remote areas, et cetera. >> you're not just the president and ceo of the cleveland clinic, you're a doctor, you're a surgeon. >> i am. >> would you do one of these consultations with somebody online? >> absolutely. depending on what i had. obviously if i've got cardiac disease, i don't think i'll be doing that online. but if i have a derm a to logic problem or follow-up from a heart operation, or a follow-up from some sort of surgery, where really somebody just needs to look at the incision and make sure it's okay, absolutely. what we're really driving at is access to health care anywhere, anytime. >> dr. cosgrove, thank you for your time. >> thank you, becky. "on the money," who's number one. high stakes for the best day for business. leaving finance for frozen dessert. how this former

burning of diabetic nerve pain, these feet learned the horn from my dad and played gigs from new york to miami. but i couldn't bear my diabetic nerve pain any longer. so i talked to my doctor and he prescribed lyrica. lyrica may cause serious allergic reactions or suicidal thoughts or actions. tell your doctor right away if you have these, new or worsening depression, or unusual changes in mood or behavior. or swelling, trouble breathing, rash, hives, blisters, muscle pain with fever, tired feeling or blurry vision. common side effects are dizziness, sleepiness, weight gain and swelling of hands, legs, and feet. don't drink alcohol while taking lyrica. don't drive or use machinery until you know how lyrica affects you. those who have had a drug or alcohol problem may be more likely to misuse lyrica. now i have less diabetic nerve pain. ask your doctor about lyrica. ai'm begging you... take gas-x. beneath the duvet, your tossing and turning isn't restlessness , it's gas. gas-x relieves pressure,bloating and discomfort in minutes !! so we can all sleep easier tonight.

we are one nation, but all 50 states are in competition to attract companies, investment and jobs. after krumpling the data, cnbc just ranked the best states for business. here are the top five. north carolina is number five. number four, minnesota. colorado came

texas was second. and the top state, reporter scott cohen has this report from -- >> they call utah the beehive state because the people here work so hard. so when the nation was plunging to the depths of the great recession in 2008, utah's tech community in and around salt lake city branded itself silicon slopes and set out to attract investment. it worked well enough that the governor starting his first full term in 2012 was able to make an audacious pledge. >> my goal is to accelerate private sector job creation of 100,000 jobs in 1,000 days. >> it had taken seven years to create the last 100,000 jobs. but by the time herbert's thousand days had passed in october 2014, the state had not only added those 100,000 jobs, it tacked on nearly 10,000 job growth is still among the strongest in the coun

economy category. governor herbert's democratic challenger this year says too many of the jobs pay minimum wage. >> governor herbert likes to tout the number of jobs we have. but we don't have enough high-paying jobs to pay a living wage. >> for businesses, though, even utah's weaknesses aren't very weak. the state finishes in the top half or better in all top categories. governor herbert there's some work to do. >> certainly education is one we need to continue to keep the pedal to the metal. the fact of the matter is, we have a large growing student population. we have a higher birth rate than the national average. we have larger family sizes. >> reporter: utah's motto is about as succinct as it can be. new industries are powering the state to higher heights. thanks to industrious people who came up with a plan when times were bleak, stuck to it, and won. for "on the money," i'm scott

>> they were ranked on infrastructure and cost of doing business. which states came out at the bottom? hawaii came in at number 49. 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 ma he infused ice cream. one entrepreneur had to convince not only the public, but also his wife that it was a. as the one who's always trapped beneath the duvet, i'm begging you... take gas-x.

your tossing and turning isn't restlessness , it's gas. gas-x relieves pressure,bloating and discomfort in minutes !! so we can all sleep easier tonight. ♪ 4 by 4 those who jump start the weekend. the ones who want to see it all... hear it all... and feel it all... all summer long. ♪ jeep renegade -- it's how we live 4 by 4 summer. ♪

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 di the 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 suc.

>> 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 take 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 real >> 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 t. we launched

independent specialty grocers in connecticut. we entered into a few competitions. and went to some trade shows. we were 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 lik now we're producing about 15 to 20,000 pints a month. i love making ice cream. now we're kind of all in. >> joining us right now is mario light, the founder of terrific 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 for ice

of a year. we wanted to use a fresh-brewed tea to flavor 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? >> first, i was using my skills, i guess, as a banker. just cold calling. just saying, hey, there's this new product. 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

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 make money off of it. >> i've got to try this. this is chamomile. this is lavender blueberry. i will admit, i don't particularly like cam 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.

>> 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. what to do if hackers infect your computer, and lock your files, unless you pay. it happens more than you each week keep it right here for "on the money." have a great weekend, and i'll see you next weekend.

good morning, america. convention countdown. donald trump fired up ready to march into cleveland with his new running mate, mike pence. >> we're going to have an incredible convention. >> can this political odd couple unite the party? our coverage from cleveland where trump plans to make it a family affair. trapped in turkey. americans desperate to get home to escape scenes like this. flights to and from the u.s. grounded. >> every man for himself. >> the state department warnings as turkey's president demands america turn over a muslim cleric living in pennsylvania. was he really behind the failed coup? flash flooding. the raging water in raleigh. roads impassable.