Congressman considers hearings on 401(k) consultant conflicts

Rep. George Miller, D-Calif., has proposed holding hearings to examine conflicts of interest between pension consultants and 401(k) plan participants. At issue is whether the consultants are getting a better deal than plan participants because of financial ties to some money managers the consultants recommend. However, some in the industry think the issue is being handled; "We haven't seen what the GAO report is going to say, but we do think the issues raised by the SEC's report have been addressed by the industry," said Elizabeth Varley, SIFMA's vice president and director of retirement policy.

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