A Modest Proposal
Jay Clayton, chairman of the Securities and Exchange Commission, believes that defined-contribution plans should consider private-equity funds.
In an April interview, he criticized the long-standing requirement that only “accredited investors”--meaning those who are relatively wealthy--may own private-equity funds. Said Clayton, “The retirement money in the defined-contribution plan doesn’t have the same investment opportunities that a defined-benefit plan has, even though they’re both retirement dollars.”
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John Rekenthaler does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.