SEC probe into 401(k) fees embroils DC plan sponsors
Employee Benefit News, September, 2004 by Tom Anderson
Although the dust is still swirling in the Securities and Exchange Commission's probe into mutual fund companies' defined contribution plan payment practices, industry observers are predicting major changes for DC plans and their sponsors.
"The impact of this SEC effort upon mutual fund boards, plan sponsors, plan participants, advisors and financial institutions will likely be significant and long-lasting," warns Ward Harris, managing director of The McHenry Group, a benefits consulting firm in Emeryville, Calif. "Many industry observers consider these actions to represent the first pages of the last chapter for 12b-1 fees and other DC transfer payments."
Harris believes the DC marketplace will look very different in the near future. If sales and service...
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