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Rating:ICI Calls for More 401(k) Disclosure Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, September 21, 2004

ICI Calls for More 401(k) Disclosure

by: Theresa Sim

The ICI is making its voice heard at the DOL.

The ICI's General Counsel, Elizabeth Krentzman, testified in an ERISA Advisory Council working group meeting on Tuesday.

"The Institute strongly supports clear, meaningful, and effective disclosure in both areas. Disclosure to plan sponsors should enable them to meet their stringent duties as ERISA fiduciaries. Disclosure to defined contribution plan participants should provide them with descriptions of all plan investment alternatives in a consistent manner that helps them make informed decisions," stated Krentzman in her testimony.

On the sponsor side, Krentzman recommended requiring an investment summary of each option (highlighting investment objective, costs, investment advisor); total revenue sharing disclosure from the service provider to the sponsor; and organizing a task force of sponsors, service and investment providers.

Participants in 404(c) plans should be provided with mutual fund-like disclosure for pooled investments; and participants should be able to access disclosures via electronic means.

The Department of Labor's ERISA Advisory Council on Employee Welfare and Pension Benefit Plans and three of its working groups are conducting meetings from September 21 to 23.

The Working Group on Fee and Related Disclosures to Participants met today; the Health and Welfare Form 5500 Working Group will met on Wednesday; and the Working Group on Plan Fees and Reporting on Form 5500 will meet on Thursday. 

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