PRC director Karen Ferguson was quoted in “When Benefits Bite Back,” an article in this past weekend’s Wall Street Journal that describes the lack of recourse for employees who have been misled about their benefits. The article also informed readers about the services provided by the pension counseling projects. Last month the work of the projects was featured in an article in Forbes magazine. 

It is critically important that individuals giving advice to participants in 401(k) plans act solely in the interests of workers and retirees – and not to enrich themselves or their firms. For this reason, PRC strongly supports the Labor Department’s proposed regulation, which provides an updated definition of the term “fiduciary.” In February, we joined with the National Employment Lawyers Association to submit comments on the proposed rule. In March, PRC’s Senior Policy Advisor Norman Stein testified at a Labor Department hearing.  And in April, the PRC submitted additional comments on the rule.