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The Critique of 401(k) Plans by Professors Ayres and Curtis: An Analysis
October Three Consulting Link to more items from this source
July 15, 2014
"Ayres and Curtis's distinction between the current law's focus on process and their proposed focus on substance may be more semantic than real.... One obvious problem, however, with their 'no prudent person could reasonably believe that the fund in question ought to be held by investors' standard: as some courts have pointed out, investors do in fact buy these funds -- someone is investing in them. Are all those investors unreasonable or do they just have a different view of how the market works? Can their proposed standard be administered? That is, will courts, and sponsor-fiduciaries, be able to consistently identify which are the 'bad' funds?"

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