With the first wave of millions of baby boomers now eligible for Social Security benefits, Congress is taking a serious look at how Americans save for their retirement.

And 401(k) providers are feeling the heat. Under fire are the hidden charges these providers pass on to savers — which could easily amount to tens of thousands of dollars over the term of the plan. And there are no clear and consistent guidelines regarding disclosure for 401(k) providers.

A bill in the U.S. House is working to change that. The 401(k) Fair Disclosure for Retirement Security Act, authored by Rep. George Miller, D-Calif., would require providers to list in clear and simple terms all fees charged to plan participants. Employees deserve to know, Miller rightly argues, about fees that cut into their precious retirement dollars.

More than 50 million workers have 401(k)-style plans and for nearly two-thirds, this is their only source of retirement income, Miller noted. And there are a dizzying array of hidden fees — revenue-sharing fees, rack fees, finders fees, shelf-space fees, and surrender fees, just to name a few.

Without clear disclosure rules, many of these fees go unnoticed. In fact, a Government Accountability Office study found that more than 80 percent of workers with 401(k) plans were unaware of the fees they were being charged. "Without this information workers simply cannot shop around for the best arrangement for their retirement," Miller said in supporting the bill.

And it surely adds up. A 1 percent fee over the term of a 20-year 401(k) policy would amount to 20 percent of one's retirement fund — that's $20,000 in fees on a $100,000 retirement fund, according to the GAO report.

To insiders, it's no secret that fees are lucrative. Financial experts have said it "skims" sizeable profits off the top of a $2 trillion market.

Critics of the disclosure bill say providing too much information would be confusing for consumers. That's absurd. Surely providers can find a way to provide explanations that avoid the legalese and endless equations.

For millions of Americans these accounts constitute a lifetime of saving. Every accommodation should be made to be up front and clear with investors. Congress should pass this bill.