The SEC and Department of Labor (DOL) entered into a Memorandum of Understanding (MOU) July 29 in which they will share information on retirement and investments on the $5.8 trillion in retirement assets of American workers, retirees, and their families held in employee benefit plans.
According to a release announcing the agreement, the MOU establishes a process for the DOL’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 DOL has oversight over 401(k) and other retirement plans as well as plan participants, while the SEC oversees, among other areas, brokerages, investment advisors, and mutual funds.