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Require full disclosure of company pension investments to employees
"When companies fund their pensions, many do not disclose their investments with the employee's pension dollars. This lack of transparency can make it easier for fund managers to make imprudent or even fraudulent investment decisions. Obama will ensure that all employees who have company pensions receive annual disclosures about their pension fund's investments, including full details about which projects have been invested in, the performance of those investments and appropriate details about probable future investments strategies."
Sources:
Subjects: Retirement, Transparency, Workers
Department of Labor conducting review of pension rules
Updated: Wednesday, January 13th, 2010 | By Angie Drobnic Holan
When we went looking for evidence of action on this promise, we didn't find much. So we asked the Department of Labor about it. A spokeswoman said the promise had not been fulfilled, but she pointed to several new reviews of pension regulations aimed at increasing transparency, particularly disclosure of fees to pension service providers.
Those reviews need to be completed before this particular change is acted upon, she said.
We'll continue to monitor this issue. It's a close call, because officials admit this particular promise hasn't been addressed. But given the ongoing reviews of other transparency issues, we're willing to rate this promise In the Works for now.
Sources:Department of Labor, Semiannual Agenda of Regulations, Dec. 7, 2009
Interview with Gloria Della of the U.S. Department of Labor
U.S. Department of Labor, Fact sheet on Service Provider Disclosure to Plan Fiduciaries
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