In “Retirees’ Security Trumps Other Social Goals” (op-ed, June 24), Labor Secretary Eugene Scalia states: “A fiduciary’s duty is to retirees alone . retirement security for American workers.” Thus, the fiduciary must avoid investments that underperform. Why then are plans permitted to invest in actively managed funds that consistently underperform passively managed funds? More than 50 years of work at the University of Chicago’s Booth School of Business has demonstrated empirically that properly structured, passively managed...

Source: Wall Street Journal June 28, 2020 18:56 UTC