Proposed Regulation Under ERISA Relating to Disclosure

SIFMA provides comments to the Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor (the Department) on a proposed regulation under the Employee Retirement Income Security Act of 1974 (ERISA) that would define the appropriate content, manner and timing of disclosure to participants in a participant directed defined contribution plan. SIFMA believes that enhanced disclosure is helpful to plan participants and that the Department is right in amending section 404 of the Internal Revenue Code in general, rather than only section 404(c) of the Code. SIFMA also recommends that the Department addresses disclosure of charges that recordkeepers attach to investment vehicles.