Response of the Office of Chief Counsel Division of Investment Management

This document is about the Securities and Exchange Commission's Office of Chief Counsel, Division of Investment Management providing guidance on the applicability of Rule 482 under the Securities Act to disclosures required by the Department of Labor's Rule 404a-5 under ERISA. It explains that information provided by a plan administrator to plan participants that complies with the DOL Rule can be treated as satisfying the requirements of Rule 482, even if the timeliness or format differs somewhat.