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Wednesday, June 18, 2014

Galvin Attacks 401k, But Not DC I-O

News summary by MFWire's editors

Fundsters in the 401(k) business, beware of William Galvin. Though he's not coming for you just yet.

Last week Massachusetts' Secretary of the Commonwealth called on Congress and the Department of Labor (DoL) to force employers (plan sponsors, in 401(k) speak) to amp up the notice they give their employees (participants, in 401(k) speak) of "material changes to 401(k) plans." Our sister publication 401kWire reported on the details of Galvin's beef, and James Comtois of Pensions & Investments also covered the news.

Galvin, who began probing the issue back in February, is particularly concerned about big employers like AOL who have changed the timing of the matching contributions they make to their employees' 401(k) accounts. Though some of his initial inquiries went to asset managers like BlackRock that do not actually recordkeep 401(k) plans (though they manage some 401(k) assets), Galvin actually wanted information from recordkeepers. So fundsters in the defined contribution investment-only (DC I-O) business can rest easy, at least for now.

His new report includes data from a dozen 401(k) providers. 

Edited by: Neil Anderson, Managing Editor

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