Publication - 07/29/2013

Drinker Biddle Response to Controversial Yale Letters

Drinker Biddle Memorandum

We have reviewed a number of Yale Law School Professor Ian Ayers' letters to 401(k) plan sponsors, as well as the report of his study. Based on our work for plan sponsors, as well as recordkeepers and other service providers, our conclusion is that plan sponsors should not rely on his letters and study. Instead, they should engage in a prudent process to evaluate the services to their plans and participants, the compensation of service providers, and the costs of those services as well as the costs of the plan's investments.

To read our analysis, please click here. To read our letter accompanying that analysis, please click here.


SEC to Examine Registered Broker-Dealers’ and Investment Advisers’ Procedures for Countering Cybersecurity Threats

Client Alert
Ronald A. Sarachan, Paul G. Nittoly, Andrew Egan, Zoë K. Wilhelm


Is Your Company a Good Fit for an Employee Stock Ownership Plan?
Howard J. Levine


The SEC’s Municipalities Continuing Disclosure Cooperation Initiative: Carrot for Issuers & Underwriters, Stick for Individuals

SECurities Law Perspectives Blog
Kevin A. Wisniewski


D.C. Circuit Court of Appeals Issues Ruling on Conflict Minerals

Client Alert
Jennifer J. Card, Elizabeth A. Diffley


New York’s New Changes to Estate, GST and Income Tax Laws

Client Alert