Eugene Scalia testifies before the Senate during his confirmation hearing to become Secretary of the U.S. Labor Department in September 2019. (Photo: Diego Radzinschi/ALM)
Nineteen organizations that advocate on behalf of investors, consumers, workers and retirees are calling on the Department of Labor to withdraw a policy statement that paves the way for 401(k) plans to add private equity investments as part of diversified investment options.
The organizations sent a letter to Labor Secretary Eugene Scalia that says private equity investments "are likely to saddle middle-class retirement savers with high costs and lock them into unnecessarily complex investments that underperform publicly available alternatives."
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Bernice Napach
Bernice Napach is a senior writer at ThinkAdvisor covering financial markets and asset managers, robo-advisors, college planning and retirement issues. She has worked at Yahoo Finance, Bloomberg TV, CNBC, Reuters, Investor's Business Daily and The Bond Buyer and has written articles for The New York Times, TheStreet.com, The Star-Ledger, The Record, Variety and Worth magazine. Bernice has a Bachelor of Science in Social Welfare from SUNY at Stony Brook.
