(MONEY Magazine) – Ever wonder who pays for your 401(k) plan? No, sorry, not your employer. But how would you know? The true price of the typical 401(k) plan is hidden, partly because of revenue-sharing deals between the plan's mutual funds and its administrators. As a result, even most employers—who are supposed to negotiate the costs on your behalf—can't figure it out. Enter Employee Fiduciary, a small 401(k) provider that is taking an innovative approach to lowering costs. The strategy: Go paperless to save on administration expenses, allow plan sponsors to choose from the whole universe of funds and let everyone know up front what it all costs. The company charges $25 a year per participant (minimum: $1,500 a year) vs. the standard $125 per head. Any fees it gets from participating funds go to defray plan costs. CEO Greg Carpenter, who co-founded the firm in 2004, is betting there is a growing market for 401(k) plans that put employees' interests first: "People are mad as hell, and they're not going to take it anymore."