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SEC Cracks Down on 403(b) and 457(b) Advisers' Undisclosed Compensation and Conflicts
Proskauer Link to more items from this source
Aug. 13, 2020

"As part of the negotiated settlement, VFA agreed to an undertaking capping its management fees at 45 basis points for all Florida K-12 teachers who currently participate (and, in some cases, those who prospectively participate) in its advisory product in Florida's 403(b) and 457(b) retirement programs. The cap will remain in effect for the duration of the clients' enrollment in the programs.... As it has in recent enforcement initiatives, the SEC put market participants on notice that it would be looking closely at the administration of 403(b) and 457(b) plans whose beneficiaries are 'main street investors,' despite that they are administered, in many cases, by large government agencies."

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