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U.S. Labor Department and SEC to share
information protecting Retirement and
Investments of American Workers
WASHINGTON, July 29
/PRNewswire-USNewswire/ -- Elaine L. Chao,
U.S. secretary of labor, and Christopher
Cox, chairman of the U.S. Securities and
Exchange Commission (SEC), today agreed to
make permanent their agencies' longstanding
relationship of sharing information on
retirement and investments to protect the
$5.8 trillion in retirement assets of
American workers, retirees and their
families held in employee benefit plans by
signing a Memorandum of Understanding (MOU).
The increasing intersection
of regulatory responsibilities in today's
financial world presents new challenges in
protecting the retirement assets of
investors nationwide.
The MOU between the two
agencies will formalize and strengthen
cooperation to share information relating to
retirement and investments, and provide
investors, benefit plan participants, and
plan administrators with better access to
more understandable information that they
can use to make informed investment
decisions.
"This Memorandum of
Understanding with the Securities and
Exchange Commission will better protect the
117 million Americans who depend on private
sector retirement plans," said Secretary
Chao.
"This further boosts the
department's record-setting enforcement
program that has won $11 billion in monetary
results and more than 800 criminal
indictments since 2001 on behalf of
protecting workers' retirement savings."
Chairman Cox said, "With a
growing number of seniors focused on
managing their own 401(k) plans, it's
important to improve disclosure to give them
the information they need and in a form they
can use. To accomplish this, the Department
of Labor and the SEC are committed to
coordinating closely on their behalf.
"This
enhanced coordination of the SEC's investor
protection efforts and the Department of
Labor's regulatory responsibility for
pensions and 401(k)s will greatly benefit
the millions of hardworking Americans who
are saving and investing for their
retirement as well as those who have already
retired."
The MOU establishes a process
for the department's Employee Benefits
Security Administration and SEC staffs to
share information and meet regularly to
discuss matters of mutual interest.
These include examination
findings and trends, enforcement cases and
regulatory requirements that impact the
missions of both agencies.
The department has oversight
over 401(k) and other retirement plans as
well as plan participants, while the SEC
oversees, among other areas, brokerages,
investment advisers and mutual funds.
Both agencies will designate
points of contact in their regional offices
to facilitate communications among staff on
enforcement and examination matters.
The agreement also will
expedite the sharing of non-public
information regarding investment advisers
and other subjects of mutual interest
between the two agencies.
Additionally, the Labor
Department and SEC will cross-train staff
under the agreement with the goal of
enhancing each agency's understanding of the
other's mission and investigative
jurisdiction.
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