We study disparities in retirement savings opportunities using data on 401(k) plan fees from 2011 to 2021. Despite industry-wide fee declines, we find large and persistent geographic variation in plan costs. These disparities correlate with local demographics and remain after controlling for plan and sponsor characteristics. Using ERISA lawsuits and large firm entries as quasi-exogenous shocks, we show that external legal and competitive pressures causally reduce fees. Our findings indicate that plan design reflects not only participant or firm characteristics but also frictions in local financial intermediation. Participants' asset allocations further exacerbate cost differences without offsetting performance benefits.