Lawyers poke holes in Yale professor's 401(k) criticism

08/6/2013 | InvestmentNews (free registration)

Three lawyers specializing in ERISA law say plan sponsors shouldn't be worried about the study written by Yale Law School professor Ian Ayres that criticizes many 401(k) plans. Fred Reish, Bruce Ashton and Joshua Waldbeser of Drinker Biddle & Reath LLP responded to Ayres in an open letter to the 401(k) community. "Based on our work for plan sponsors, as well as record keepers and other service providers, our conclusion is that plan sponsors should not rely on his letters and study," the lawyers wrote.

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