The U.S. Department of Labor's Employee Benefits Security Administration is proposing a rule designed to help America's workers better comprehend target date retirement funds and similar investments, which are available in 401(k)-type plans.
Based on the proposed rule, the "qualified default investment alternative regulation" and the "participant-level disclosure regulation" would be affected to enhance and provide more specificity regarding disclose information to participants and beneficiaries relating to investments in target date funds.
"Based on our collaborative examination of this issue with the Securities and Exchange Commission, it is clear that all participants in participant-directed individual account plans can benefit from better information about how target date investments are designed to meet their retirement savings needs," says Phyllis C. Borzi, assistant secretary of labor for EBSA.
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