Pension-Consulting Conflict Plan On GAO Drawing Board

The Government Accountability Office is working on a request by Reps. Ed Markey, D-Mass., and George Miller, D-Calif., to develop a plan for dealing with potential conflicts of interest in the pension consulting industry. According to Investment & Pensions Europe, the GAO's goal is to demonstrate how conflicts of interest can affect solvency in pension fund asset management and determine which agencies should be responsible for overseeing and investigating such conflicts. The GAO, which will also consider the role of the Pension Benefit Guaranty Corp., is expected to have an outline for the plan by the end of May.