News You Can Use: DOL, SEC join forces on retirement plan oversight

In a too-rare display of government collaboration, the Department of Labor and the Securities and Exchange Commission have inked an information-sharing agreement that will aid both agencies’ efforts to regulate the nation’s retirement plans.

According to the agreement, staffs from DOL’s Employee Benefits Security Administration and the SEC will meet regularly to discuss industry trends provide access to nonpublic enforcement information.

DOL and SEC “are committed to coordinating closely on [plan participants’] behalf,” says SEC Chairman Christopher Cox. “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."