In response to a request from the Department of Labor (DOL), the staff of the Securities and Exchange Commission (SEC) on October 26, 2011, issued a no-action letter concluding that disclosure provided by a retirement plan administrator to plan participants that is required by and complies with DOL's new disclosure regulation for participant-directed retirement plans will be treated “as if it were a communication that satisfies the requirements of Rule 482 under the Securities Act.”

-- Starting May 31, 2012, the DOL rule requires a retirement plan administrator to disclose specific investment-related information to plan participants, in a format intended to facilitate a comparison of investment options available under the plan.

-- SEC Rule 482 permits a registered mutual fund to include, among other things, uniformly calculated performance information in sales material.