Consultants acting as fiduciaries to pension plans who recommend their own firm as an asset manager "could be in violation" of the Employee Retirement Income Security Act, according to letter penned by Assistant Secretary of Labor Phyllis Borzi.
Borzi was writing in response to questions raised by retiring Rep. George Miller, D-California, in a letter to the Secretary of Labor sent last May.
Consultants acting in a dual capacity as managers of plan assets are a "growing trend," according to Miller's letter.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
