Thursday, May 5, 2011

Where is the activism on behalf of ERISA beneficiaries?

Pensions are a topic on which I've spent a lot of time and effort.  I was appointed by President Reagan to run the office of Pensions and Welfare Benfits in the Department of Labor where I was also the ERISA Administrator.  It occurred to me recently that after all these years of the ERISA program, not once has there been an incident where a plan trustee took an activist stance on behalf of the beneficiaries.  That seems like a major breach of fiduciary duty to me.

In this new video I discuss this issue and give a bit of history of the ERISA program. 

Is this an issue?  What's your take?

May 5, 2011 in ERISA , Pension , shareholder activism , responsible ownership , trustees , fiduciary duty  |  0 comments  | 

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