News | 10.09.19
SEC Probing Compensation, Sales Practices in 403(b) Plans for School Districts
Regional offices of the SEC have issued requests for documents and information to several third-party administrators and affiliates, including broker-dealers and registered investment advisors, that work with 403(b) and 457(b) plans. "The staff of the United States Securities and Exchange Commission is conducting an investigation ... to determine if violations of the federal securities laws have occurred," according to one request, issued by the Division of Enforcement at the SEC's San Francisco regional office. The request seeks information and documents on a number of fronts, including the firm's sales and compensation practices. The New York Department of Financial Services also recently launched an investigation into 403(b) plan costs and sales tactics.
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