As retirement plan sponsors, you have a fiduciary responsibility to act prudentlty. If you sponsor a pension plan, hiking your financial advisor\u2019s fees while your returns suffered would certainly raise a few eyebrows with your participants and the Department of Labor.<\/p>\n
So it turns out, that the New York State Comptroller (who didn\u2019t know what the yield curve when he was elected to the job by the State Legislature after the previous was convicted of using a state paid chauffeur to drive his wife around) has reportedly paid the state\u2019s pension fund\u2019s financial advisors (he runs the state pension) an increase of 163% in fees over the last 5 years while the state pension fund\u2019s returns lagged. I\u2019m sure most of the financial advisors in this audience have probably has to lower their fees over the last five years than raise them.<\/p>\n
Don\u2019t expect any participant lawsuits or DOL oversight since the plan isn\u2019t subject to ERISA because of that government exclusion from coverage rule.<\/p>\n
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