DOL/SEC Issue Target Date Fund Guidance

The attached memorandum describes an “Investor Bulletin” issued jointly by the U.S. Department of Labor (“DOL”) and the Securities and Exchange Commission (“SEC”) late last week regarding target date funds. The purpose of the bulletin is to assist investors and participants in understanding the operations and risks of investing in so-called “target date” investment funds. We understand that this is the first of several target date fund-related projects under development at the DOL and the SEC and that more guidance from these agencies may be forthcoming this year.