SEC, Labor Department Work To Protect Retirement Savings
August 10, 2008
The U.S. Labor Department and the Securities and Exchange Commission will make permanent their longstanding agreement to protect the $5.8 trillion of retirement assets held by American workers.
The agreement means that investors, retirement plan participants and plan administrators will continue to get the information they need to make better investment decisions. The Labor Department is responsible for 401(k) and other retirement plans, while the SEC oversees brokerages, investment advisers and mutual funds.
The agreement between the two agencies calls for regular meetings to discuss new findings and trends, enforcement actions, regulatory requirements, and other matters.
“With a growing number of seniors focused on managing their own 401(k) plans, it’s important to improve disclosure to give them the information they need and in a form they can use,” said SEC Chairman Christopher Cox.
“This enhanced coordination of the SEC’s investor protection efforts and the Department of Labor’s regulatory responsibility for pensions and 401(k)s will greatly benefit the millions of hardworking Americans who are saving and investing for their retirement as well as those who have already retired,” Cox said.
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