SEC Division of Investment Management staff letter: American Retirement Association

Douglas J. Scheidt
Associate Director and Chief Counsel
Division of Investment Management
United States Securities and Exchange Commission 100 F Street, N.E.
Washington, D.C. 20549
Re: Extension of Rule 482 Relief for Investment Information Delivered to Participants of 403(b) Programs and Other Non-ERISA Plans Dear Mr. Scheidt:
On behalf of the American Retirement Association and its sister organizations, the American Society of Pension Professionals & Actuaries (“ASPPA”) and the National Tax-deferred Savings Association (“NTSA”), we are writing to request the views of the Division of Investment Management (the “Division”) regarding the applicability of Rule 482 (“Rule 482”) under the Securities Act of 1933 (“Securities Act”) to disclosure of certain investment-related information to participants and beneficiaries of participant-directed tax-sheltered annuity programs described by section 403(b) of the Internal Revenue Code of 1986, as amended (the “Code”) (known as “403(b) programs”) and certain other participant-directed retirement savings plans and programs that are not subject to the fiduciary responsibility provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) (together the non-ERISA 403(b) programs and other plans and programs described in this letter are “Non-ERISA Plans”). In a no-action letter issued to the U.S. Department of Labor (“DOL”) on October 26, 2011 (the “DOL Letter”), 1 the Division agreed that it would treat specified investment-related information provided by a plan administrator, or a person designated by a plan administrator to act on its behalf, that is required by and complies with the requirements under DOL Rule 404a-5(d) (the “DOL Rule”) (such information, “DOL Required Investment Information”), 2 as if it were a communication that satisfies Rule 482 under the Securities Act. We request that you extend your