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These details will “ensure that plan participants are provided with comprehensive information to evaluate target-date or similar funds that have been selected as their plan’s default investment,” the Labor Department said.
“Given that so many Americans are defaulted into target-date funds, I am heartened that both DOL and the SEC are continuing to make oversight of these funds a priority,” Kohl said. “These new regulations are a great first step in helping employers make vital decisions about how their employees’ 401(k) savings should be invested.
“However, more clarity and heightened protections for target-date investors are needed,” Kohl continued, “and I will continue to work to address these issues.”