By Hal M. Bundrick NEW YORK ( MainStreet)--A Yale Law School professor is sending shockwaves through the 401(k) industry. Professor Ian Ayres has reportedly sent thousands of letters to 401(k) plan sponsors saying that he has identified them as sponsoring a "potential high-cost plan" -- and intends to publicize his findings next year. The letter further "reminds" the plan sponsors that "fiduciary duties are the most stringent imposed by the law, and require administrators to act solely in the interest of the plan participants." Brian Graff, CEO/Executive Director of the National Association of Plan Advisors, an organization affiliated with the American Society of Pension Professionals & Actuaries (ASPPA), issued a reaction to the mass mailing in a statement on the NAPA website.
"With all the challenges facing American workers today as they prepare for retirement, the last thing we need is unreasonable threats being made against the sponsors of the very plans these workers rely on," he concludes. here. --Written by Hal M. Bundrick