SEC Votes 5:0 for New Target-Date Disclosures

The Securities and Exchange Commission voted 5:0 Wednesday to require target-date funds to do a better job of explaining the purpose of their retirement date, how their asset-allocation glidepaths change over time, and, in a new twist, to include easy-to-understand visuals in ads. "Many individual investors are understandably overwhelmed by multiple investment choices and increasingly complex investment products," said SEC Chairman Mary L. Schapiro.

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