WASHINGTON—The Department of Labor and the Securities and Exchange Commission on Thursday issued an investor bulletin on target-date funds to better explain their intended function, glidepaths and appropriate use (see “SEC, DOL to Require More Target-Date Info,” MME 5/3/10).

“But this really is only Phase One,” said Phyllis Borzi, assistant secretary of labor at DOL’s Employee Benefits Security Administration, addressing the Investment Company Institute’s General Membership Meeting here Friday.  “Phase Two will be a checklist for plan sponsors, primarily for use by smaller and mid-size plans.

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