News | 11.18.19
SEC Chair Warns on Practices That Risk Teachers' Retirement Savings
SEC Chair Jay Clayton said Thursday that interactions with everyday investors convinced him teachers and other government workers were especially vulnerable to biased financial advice. “I think this is where the American people would expect we spend our resources,” he said in an interview before speaking at the University of Pennsylvania Law School. The SEC has sent letters to companies that administer retirement plans for teachers and other government workers, seeking details on how investments are picked and conflicts of interest are monitored. The initiative also looks at whether administrators receive payments for referring retirement plans to certain vendors or service providers, the SEC's co-director of enforcement, Stephanie Avakian, said.
Read the full article on Wall Street Journal