Practice

The key to a successful marriage is communication, and planning for retirement is no exception. As it turns out, this is yet another bone of contention between husbands and wives.

BOSTON-Retirement isn't always Adirondack chairs and seaside views, even for employees who do participate in company-sponsored defined contribution plans. Not even auto enrollment at 6% with a full company match can solve the retirement crisis.

Despite the warnings and the realization that many Americans know they need to save for retirement, 34% of workers are not doing anything about it, according to the 17th annual "Retirement Confidence Survey" by the Employee Benefit Research Institute of Washington.

It's been three years since the Securities and Exchange Commission began requiring funds to annually disclose their proxy voting records. When the measure was passed, many dismissed it as a mere administrative nuisance, reasoning that even if investors eventually began to pour through funds' voting records, the day when they would be able to systematically make sense of the information, let alone actually be interested in it, was a long way off.

Although the Securities and Exchange Commission revealed the findings of two cost/benefit studies it commissioned on the proposed independent directors rule late last year, the U.S. Chamber of Commerce sought access to the complete report, including any records supporting the decision to undertake the studies. The SEC decided not to share the information with the U.S. Chamber, a decision it is now appealing.

Forget spending retirement in a rocking chair on the front porch.

It's been three years since the Securities and Exchange Commission began requiring funds to annually disclose their proxy voting records. When the measure was passed, many dismissed it as a mere administrative nuisance, reasoning that even if investors eventually began to pour through funds' voting records, the day when they would be able to systematically make sense of the information, let alone actually be interested in it, was a long way off.

The comment period for the independent directors rule ended a month ago, and as the Securities and Exchange Commis-sion nears a vote on the measure, speculation is increasing that it will bend to the industry's fierce opposition to having fund boards run by independent chairmen. SEC Chairman Christopher Cox recently said that one alternative might be appointing a lead independent director, and industry insiders have indicated that the SEC might merely call having an independent chairman a "best practice."

Regulators in Utah have dropped charges of fraud and apologized for dinging the reputation of two First Western Advisors brokers, according to the Salt Lake Tribune.

PALM DESERT, Calif.-Interactive data, books and recordkeeping requirements and 12b-1 fees were a few of the key issues repeatedly discussed at the Investment Company Institute's "Mutual Funds and Investment Management Conference" here last week.