Securities and Exchange Commissioner Roel Campos, in a speech last Thursday, called attention to the fact that many 401(k) plans do not offer investors the same kind of disclosure that mutual funds sold directly do, Reuters reports. Specifically, Campos said, many 401(k) investors do not receive prospectuses or quarterly reports and therefore receive "little or no disclosure regarding the performance of their retirement products."

He characterized the discrepancy as a "retirement protection gap" and "a two-tier system" that needs closing with the help of the SEC and other regulators, including the Department of Labor.

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