Pensions & Investments

Samuel W. Halpern, executive vice president of Independent Fiduciary Services, Washington, recalled testifying before a working group of the ERISA Advisory council in the mid-1990’s that investment consultants should be regarded as fiduciaries. At that time he indicated, “And to the extent they are, they (consultants), should be subject to the self-dealing provisions of (ERISA) where they should not be paid by someone with an interest that is adverse to the plan.” He still maintains this view. Mr. Halpern said IFS accepts fiduciary obligations under pension law.