"In his attempt to drum up outrage about high fees in 2014, [Yale Law School professor Ian Ayres] bends 2009 fee data -- without an analysis of the quality of services being paid for by those fees or the complexity of plan design -- to ignore the fact that, since 2011, more than 75% of companies have reduced 401(k) plan expenses ... [T]he professor even acknowledges that 'putting untrained workers in charge of managing their retirement portfolios comes at a significant cost.' That, professor, is why their plans give them the option of paying for professional advice. Advisors can help minimize that 'significant cost.'"

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