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Fees, 401(k) plans and cheap T-shirts

Phyllis Borzi offers the most eloquent metaphor to explain the role of fees in 401(k) plans.

By Chris Carosa | Updated on September 26, 2013
<a href="http://www.freedigitalphotos.net">Photo credit: FreeDigitalPhotos.net</a>

The dream of every journalist is to score the big interview. Now, big is a very subjective word. There are some who would say my 4-part series with Frontline Producer Martin Smith was the big interview of the year. For me, though, the dream interview was Phyllis C. Borzi, assistant secretary of Labor of the Employee Benefits Security Administration (EBSA). She is, after all, the general leading the charge for a fiduciary standard that all the king’s horses and all the king’s men seem to be fighting against. Martin Smith, by comparison, is a mere observer, a beneficiary of the events around him. In “Star Trek” terms, Martin Smith is to Chris Pine what Phyllis Borzi is to William Shatner. (Note to self, you’ve engaged or otherwise met the first three, now go after the fourth.) 

I didn’t know what to expect when the DOL public affairs person said yes when I asked to interview Borzi. I also didn’t know what to expect when I actually interviewed her. Finally, I didn’t know what to expect of the readers when they finally read the interview. Would they think it too structured? Too kind? Ground-breaking? News-worthy? (You be the judge and read it here.)

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