Mercer Select US - Senate hearing considers 401(k) target-date fund concerns, more regulation

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Senate hearing considers 401(k) target-date fund concerns, more regulation

Concerns about 401(k) target-date funds aired in a Senate Special Committee on Aging hearing and report raise the prospect of greater regulation. Hearing witnesses praised the funds as an important savings option but reiterated some issues noted in the report, such as wide differences in asset allocations among funds with the same target date, provider fees and potential conflicts of interest. The Department of Labor is working with the SEC to assess the need for more guidance and may revisit rules for qualified default investment alternatives to ensure “meaningful disclosure.” (Select News, 30 Oct 2009)

Senate hearing considers 401(k) target-date fund concerns, more regulation

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