Publications and Rules

Participant Education as a Defense to Breach of Fiduciary Duty Claims

Steve D. Rosenberg, Esq. The Wagner Law Group provides insight on the relationship between participant education and litigation defense.

Ask Questions

In this publication, the SEC states the “right questions” investors should have answers to before they invest.

Mutual Funds

The SEC explains the basics of mutual fund investing, how mutual funds work, what factors to consider before investing, and how to avoid common pitfalls.

How to Read A Mutual Fund Shareholder Report

The SEC educates individual investors about mutual fund shareholder reports.


404a-5 states “The information required to be prepared by the plan administrator for disclosure under this section shall be written in a manner calculated to be understood by the average plan participant.”

Regulation Best Interest: The Broker-Dealer Standard of Conduct 
“While every inquiry will be specific to the particular broker-dealer and the recommended security or investment strategy, broker-dealers generally should consider important factors such as the security’s or investment strategy’s investment objectives, characteristics (including any special or unusual features), liquidity, volatility, and likely performance in a variety of market and economic conditions; the expected return of the security or investment strategy; as well as any financial incentives to recommend the security or investment strategy. Together, this inquiry should allow the broker-dealer to develop a sufficient understanding of the security or investment strategy and to be able to reasonably believe that it could be in the best interest of at least some retail customers.”



This Act requires companies to disclose their financial condition and investment policies to investors when the investment is sold and on a regular basis.

Securities Exchange Act of 1934

This Act requires periodic reporting of information by companies with publicly traded securities.

Securities Act of 1933

This Act requires the disclosure of important financial information.

Interpretive Bulletin – relating to participant investment education

“Issues relating to the circumstances under which information provided to participants and beneficiaries may affect a participant’s or beneficiary’s ability to exercise independent control over the assets in his or her account for purposes of relief from fiduciary liability under ERISA section 404(c) are beyond the scope of this interpretive bulletin. Accordingly, no inferences should be drawn regarding such issues. See 29 CFR 2550.404c–1(c)(2).”





“The participant or beneficiary is provided or has the opportunity to obtain sufficient information to make informed decisions with regard to investment alternatives available under the plan, and incidents of ownership appurtenant to such investments.”