« Economy Impacting Runaway, Homeless Youth According to Annual Trend Report | Main | Pew Urges Antarctic Fisheries Commission to Protect Whales, Penguins, Seals and Krill »
US Department of Labor official testifies before Senate aging committee on 401(k)-type plans
October 28, 2009Phyllis C. Borzi, assistant secretary of labor for the U.S. Department of Labor's Employee Benefits Security Administration (EBSA), today testified before the Senate Special Committee on Aging on the use of target date funds as investment options for 401(k)-type plans. An estimated 75 percent of 401(k) plans offer so-called life cycle or target date funds as investment options for retirement plans. "The retirement security of American workers increasingly depends on their investment decisions. The department is reviewing issues on the use of target date funds and exploring a number of regulatory initiatives to assist plan fiduciaries, participants and beneficiaries in understanding target date funds," said Borzi. Full release.