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U.S. Securities and Exchange Commission

SEC, DOL Accepting Requests to Participate in Joint Hearing Examining Target Date Funds


Washington, D.C., May 22, 2009 — The Securities and Exchange Commission and the Department of Labor announced today that they are accepting requests to participate in a joint hearing on June 18 examining target date funds. Target date funds and other similar investment options are investment products that allocate their investments among various asset classes and automatically shift that allocation to more conservative investments as a “target” date approaches. This shift in asset allocation, often referred to as a fund’s “glide path,” may differ significantly among funds with the same target date.

Discussion topics at the joint hearing will include issues related to how target date fund managers determine asset allocations and changes to asset allocations (including glide paths) over the course of a fund’s operation; how they select and monitor underlying investments; how the foregoing and related risks are disclosed to investors; and the approaches or factors for comparing and evaluating target date funds.

“Target date funds are an increasingly popular investment for Americans focused on retirement planning,” said SEC Chairman Mary Schapiro. “If there’s any confusion or misunderstanding caused by these funds, then we need to clear that up. I look forward to furthering our productive collaboration with the Department of Labor on this important issue.”

The Commission requests persons interested in presenting testimony and answering questions at this public hearing to submit a written request to participate along with an outline of topics to be discussed. The information that is submitted will become part of the public record of the joint hearing. Submissions to the Commission may be provided by any of the following methods:

Electronic submissions:

Paper submissions:

  • Send paper submissions in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, D.C. 20549-1090.

All submissions should refer to File Number 4-582. This file number should be included on the subject line if e-mail is used. To help process and review submissions more efficiently, please use only one method. The Commission will post all submissions on its Web site at www.sec.gov/rules/other.shtml.

Please note that all submissions received will be posted without change. The SEC does not edit personal identifying information from submissions. Only information desired to be shared publicly should be submitted.

The joint hearing will begin at 9 a.m. ET and will be held in the auditorium at the DOL’s headquarters at 200 Constitution Avenue NW, Washington, D.C. The hearing will be open to the public with seating on a first-come, first-served basis. Visitors will be subject to security checks. Any individuals with disabilities who may need special accommodations should notify Fred Wong, Employee Benefits Security Administration, U.S. Department of Labor, at (202) 693-8500. The hearing will be transcribed and also will be available via webcast on the SEC Web site. Captioning of the webcasts will be available.

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Link to Federal Register Notice: http://www.sec.gov/rules/other/2009/ic-28725.pdf

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Modified: 05/22/2009