Today, the retirement industry insists that if a product is somehow legal under lax state insurance rules or state banking laws and has a vague, weak ERISA exemption, then it somehow belongs inside a 401(k) plan. That logic is backwards. A much better test is this: Could the product survive inside a fully transparent, federally … Continue reading The SEC Quietly Killed Stable Value Mutual Funds in 2004 — And That Tells You Everything About Private Equity, Fixed Annuities, and Prohibited Transactions in 401(k)s