01.26.22

Massachusetts Secretary of State Launches Sweep of Target Date Fund Offerings

by: Ross Kerber

Massachusetts Secretary of State William Galvin on Tuesday said his office will investigate broker-dealers offering target date funds. According to a press release, Galvin "is particularly concerned by reports of inadequately disclosed fund changes that shifted financial burdens to small-dollar investors, resulting in large tax bills for those who held the funds in non-retirement accounts." Galvin said his securities division sent letters seeking information from companies, including BlackRock, T. Rowe Price and a unit of Vanguard.

Read the full article on Reuters