Consultants acting as fiduciaries to pension plans who recommend their own firm as an asset manager "could be in violation" of the Employee Retirement Income Security Act, according to letter penned by Assistant Secretary of Labor Phyllis Borzi.
Borzi was writing in response to questions raised by retiring Rep. George Miller, D-California, in a letter to the Secretary of Labor sent last May.
Consultants acting in a dual capacity as managers of plan assets are a "growing trend," according to Miller's letter.
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