Client Alerts
Department of Labor Indicates That Companies Should Review 401(k) Plan Investment Options in Light of Mutual Fund Investigations
February 26, 2004
By Joshua H. Sternoff and Jocelyn M. Sturdivant
The Assistant Secretary for Employee Benefits Security at the U.S. Department of Labor issued a written statement this week indicating that 401(k) plan fiduciaries should undertake a review of their plans’ mutual fund investment options in light of recent investigations and other regulatory developments in the industry. The statement of Assistant Labor Secretary Ann Combs echoes earlier speeches she has made in the wake of scandals that have rocked the mutual fund industry, but is the first written guidance charged with overseeing them.
