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July 21, 2010, Featured Articles, Target Date Funds

Reish & Reicher Comment on TDF Proposals

By Kerry Pechter   Sun, Jul 18, 2010

“We expect that the SEC proposals will be adopted much as proposed," says Fred Reish, the well-known ERISA lawyer. But a TDF expert says plan fiduciaries should do more than merely comply with them.

Reish & Reicher, the Los Angeles law firm that specializes in employee benefits and ERISA issues, has issued a bulletin on target date funds, with comments on last month’s guidance on TDFs from the Securities and Exchange Commission and the Department of Labor.   

“We expect that the SEC proposals will be adopted much as proposed. We also expect that the DOL’s checklist and QDIA amendments will be consistent with the Bulletin and the SEC proposals,” the bulletin said.

“The initial effect should be to educate plan sponsors and participants about asset allocation, glide paths and target date differences. We believe the long-term effect will be that plan sponsors and advisers will focus on the needs and characteristics of the covered workforce and the design differences of TDFs.” 

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