In reaction to this week’s “Frontline” program on 401(k)s, EBSA’s Phyllis Borzi reiterated that participants should pay close attention to the fees they’re paying and the type of advisor they’re employing. Bolstering the DOL’s proposal on the redefinition of fiduciary, Borzi commented, “If you have an investment adviser, make sure you're asking them questions to ensure that the person is a 'fiduciary,' that is, somebody legally required to put your financial interests ahead of their own.”
And in an interesting move, the PSCA offered producer/correspondent Martin Smith free membership in their association, noting that as the owner of the production company that created the program, he is a plan sponsor with his own fiduciary responsibility.
