Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, April 3, 2012

SEC Seeks Additional Comments on Target Date Retirement Fund Proposed Rule

The SEC has reopened the comment period for its proposed rule on target date retirement funds, to consider comments on the results of investor testing regarding target date retirement funds. The proposed rule is intended to enhance the information provided to individuals investing in such funds.(Download 33-9309[1])

That proposed rule would generally require target date retirement funds to more prominently disclose the fund's asset allocation at the target date. Under the proposal, the disclosure would have to be placed adjacent to the fund's name the first time the name appears in marketing materials. The proposal also would require marketing materials for target date retirement funds to include a table, chart, or graph depicting the fund's asset allocation over time.

In the SEC-sponsored survey (Download S71210-58[1]), investors were asked questions after reviewing documents containing information about a hypothetical target date retirement fund. The documents included versions revised to reflect the changes proposed by the Commission.

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