Eugene Scalia testifies before the Senate Health, Education, Labor, and Pensions Committee during his confirmation hearing to become Secretary of the U.S. Labor Department, on Thursday, September 19, 2019. (Photo: Diego Radzinschi/ALM) Eugene Scalia testifies before theSenate during his confirmation hearing to become Secretary of theU.S. Labor Department in September 2019. (Photo: DiegoRadzinschi/ALM)

Nineteen organizations thatadvocate on behalf of investors, consumers, workers and retireesare calling on the Department of Labor to withdraw a policystatement that paves the way for 401(k) plans to add private equityinvestments as part of diversified investment options.

The organizations sent a letter to Labor Secretary Eugene Scalia that says privateequity investments "arelikely to saddle middle-class retirement savers with high costs andlock them into unnecessarily complex investments that underperformpublicly available alternatives." 

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Bernice Napach

Bernice Napach is a senior writer at ThinkAdvisor covering financial markets and asset managers, robo-advisors, college planning and retirement issues. She has worked at Yahoo Finance, Bloomberg TV, CNBC, Reuters, Investor's Business Daily and The Bond Buyer and has written articles for The New York Times, TheStreet.com, The Star-Ledger, The Record, Variety and Worth magazine. Bernice has a Bachelor of Science in Social Welfare from SUNY at Stony Brook.