mr. hauptman: but it is in addition, so you have new entrance who are adopting technology -- entrance -- et ntrants who are adopting new technologies. but -- but $50,000, which i believe is a relatively small balance, offer costs and advice. >> can i jump in -- i think that the balance interest contract is quite simple. it is just saying, make a promise to your clients that you are putting their best interests first develop some policies to make to your my finger employees. and be held accountable if you do not do that. this 400 pages of proposed regulations -- the department did not comport saying this is the plan and this is what we are doing. they invited extensive comment on every piece of the regulation and the exemption. so, it was remarkable to me when working on this to see how much everyone had in common here. everybody is trying to get people to save more for retirement. the decisions are complicated. it is up to an individual to manage their retirement savings. i think the goal here is for people to come for from all sides and all perspectives and tell the department, how do y

mr. hauptman. sameera fazili is in the obama council and involved in writing the rule we were talking about. if some you have have questions about the rule that you would like to ask our previous speaker, you might consider directing it to her. finally, mark smith is partner is a leading lawyer. he represents financial services companies. one of the issues you heard discussed second-degree eded is the question of whether moving money from 401(k)s that have low fees. is that a problem? should we do anything about it? >> i think we need to understand what motivates an individual to want to make a change in their investment plan. if you're fortunate enough to be in company that offers you a retirement savings investment like a 401(k) plan you have a certain venue of investment opportunities and you may allocate your contributions to those. when you leave the job you may have the opportunity to stay with the plan. the number and scope of investment alternatives. whether that's appropriate for you or no