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Ian Ayers is a professor at Yale Law School.

A recent hearing of the Connecticut Retirement Security Board set the stage for a controversial proposal — that 401(k) plan participants be tested for financial literacy before they’re allowed to invest in high-cost or esoteric funds. 

The idea was presented by Ian Ayers, the professor at Yale Law School who made headlines in 2013 for sending letters to some 6,000 plan sponsors saying that their plans had been identified as “high cost” based on his review of Form 5500 data filings in 2009. 

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