Mutual Fund Summary May Satisfy ERISA Section 404 (c)

On September 8, 2003, the Department of Labor (the "DOL") issued an opinion letter permitting simplified compliance with the disclosure requirements for participant-directed individual account plans, such as 401(k) plans. DOL Advisory Opinion 2003-11A ("Advisory Opinion") represents a welcome clarification of the DOL's thinking on acceptable disclosure materials under Section 404(c) of the Employee Retirement Income Security Act ("ERISA").