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Report: SEC probing sales practices of retirement plans for school districts

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Report: SEC probing sales practices of retirement plans for school districts

The Securities and Exchange Commission is reportedly launching an investigation of compensation and sales practices in defined-contribution plans for school districts, InvestmentNews reported.

The investigation pertains to how retirement-income products are marketed to school districts. Regional offices of the SEC are seeking documents and information, from Jan. 1, 2017, to the present, from third-party administrators and affiliates including broker/dealers and registered investment advisers that work with 403(b) and 457(b) retirement saving plans.

The SEC referred to the investigations as a "non-public, fact-finding inquiry," the report said, citing a letter from the regulator.

The documents are expected to contain information including investment education provided to participants, advertising and marketing materials and requests made by product providers to sell products in school districts, and the reason for the approval or denial of the requests.

SEC spokeswoman Judith Burns declined to comment on the matter to InvestmentNews.