Federal Register / Vol. 62, No. 200 / Thursday, October 16, 1997 / Notices 53803

and Interpretations, Pension and

Welfare Benefits Administration, U.S.

Department of Labor, Room N–5669,

200 Constitution Avenue, NW.,

Washington, DC 20210, (202) 219–8671.

This is not a toll-free number.

SUPPLEMENTARY INFORMATION: In recent

years there has been a tremendous

growth in the number of defined

contribution plans, especially section

401(k) plans. A number of questions

have been raised in the media and

elsewhere with respect to the fees and

expenses currently being charged to

401(k) plans and their participants. In

1996, the Advisory Council on

Employee Welfare and Pension Benefit

Plans included a Working Group on

Guidance in Selecting and Monitoring

Service Providers which considered,

among other areas, the selection and

monitoring of investment service

providers to small 401(k) plans.

Recently, questions have been raised as

to whether 401(k) plans are being

overcharged for certain services;

whether fees charged to plans are

hidden; whether plan sponsors are

doing enough to protect plan

participants from excessive fees; and

whether participants understand what

fees and expenses are being charged to

their accounts. In an effort to consider

these questions, the Department is

conducting a public hearing and

inviting public comment on current

practices relating to fees and expenses

charged to 401(k) plans. Among other

comments, the Department is interested

in obtaining information in the

following areas:

1. In selecting and monitoring service

providers, are employers/plan sponsors

being furnished with sufficient

information to evaluate whether the fees

and expenses associated with plan

investments, investment options, and

administrative services are reasonable?

If not, what additional information

should be provided to or requested by

plan sponsors and is it readily

available? What steps are plan sponsors

taking to ensure that the fees and

expenses charged to the individual

accounts of the participants are

reasonable?

2. Are plan participants being

furnished with sufficient information

about the fees and expenses associated

with the investment options offered

under their plan to make informed

investment decisions? What additional

information should be provided to or

requested by participants and is it

readily available?

3. Is the information regarding

services, fees and expenses that is

disclosed to participants regarding their

accounts provided in a manner

understandable to most participants? Is

the disclosure automatic or upon

request? If automatic, how often is the

disclosure provided and to whom is it

provided (plan sponsor and/or

participants)?

4. How are the services and the

respective fees included in a bundled

fee arrangement disclosed? How are the

fees and expenses with respect to each

of the covered services in a bundled

arrangement determined?

5. What actions, if any, should the

Department take to improve

consideration and disclosure of fees and

expenses charged to 401(k) plans? If

action is necessary, what information

should be required to be disclosed?

Would a uniform format for such

disclosure be helpful to participants?

Notice of Public Hearing

Notice is hereby given that a public

hearing regarding fees charged to 401(k)

plans is scheduled for Wednesday,

November 12, 1997 and, if necessary,

Thursday, November 13, 1997. The

hearing will begin at 10 a.m.

Signed at Washington, DC, this 9th day of

October, 1997.

Olena Berg,

Assistant Secretary, Pension and Welfare

Benefits Administration.

[FR Doc. 97–27431 Filed 10–15–97; 8:45 am]

BILLING CODE 4510–29–P

LEGAL SERVICES CORPORATION

Availability of Proposed Strategic Plan

AGENCY: Legal Services Corporation.

ACTION: Solicitation of public comment

on proposed Strategic Plan for fiscal

years 1998 through 2003.

SUMMARY: The Legal Services

Corporation (‘‘LSC’’ or ‘‘Corporation’’)

has developed a proposed Strategic Plan

to guide its programmatic activities for

fiscal years 1998 through 2003. Public

comment on the proposal is solicited

prior to consideration of the proposed

Strategic Plan by LSC’s Board of

Directors of LSC.

ADDRESS: Requests for a copy of the

proposed Strategic Plan and comments

thereon should be submitted to the

Office of the General Counsel, Legal

Services Corporation, 750 First St. NE.,

11th Floor, Washington, DC 20002–

4250. Comments may also be submitted

in writing via E-mail at

echolsr@smtp.lsc.gov. The proposed

Strategic Plan is also posted on LSC’s

Home Page at http://www.lsc.gov.

DATES: Comments should be received on

or before November 12, 1997.

FOR FURTHER INFORMATION CONTACT:

Robert Echols at (202) 336–7269.

SUPPLEMENTARY INFORMATION: The

Government Performance and Results

Act (‘‘GPRA,’’ or ‘‘the Results Act,’’ 5

U.S.C. 306) places uniform requirements

on federal agencies for strategic

planning. Although the LSC is not a

federal agency, and thus not subject to

GPRA, it has elected to follow a

planning process based upon the one set

forth in GPRA, to bring its budget

processes into conformity with those of

federal agencies and to promote sound

management and effective realization of

LSC’s mission. The proposed Strategic

Plan represents a first step in that

process.

As provided by GPRA, LSC’s

proposed Strategic Plan for FY 1998

through FY 2003 sets forth: a statement

of LSC’s mission; LSC’s general goals for

the period; how LSC plans to achieve

those goals; key external factors which

could significantly affect LSC’s

achievement of its goals; how LSC’s

general goals and objectives will be

translated into more specific, objectively

expressed performance goals for each

year in an Annual Performance Plan,

and how LSC’s performance will be

evaluated. A separate section sets forth

similar information for LSC’s Office of

Inspector General.

LSC’s Board of Directors intends to

adopt a final Strategic Plan for the

Corporation prior to December 31, 1997.

Dated: October 10, 1997.

Victor M. Fortuno,

Secretary of the Corporation.

[FR Doc. 97–27454 Filed 10–15–97; 8:45 am]

BILLING CODE 7050–01–M

NATIONAL COMMISSION ON

LIBRARIES AND INFORMATION

SCIENCE

Correction; Sunshine Act Meeting

‘‘Federal Register’’ Citation of Previous

Announcement: FR, Vol. 62, No. 174–

47520, Filed 9/9/97.

PREVIOUSLY ANNOUNCED TIME AND DATE OF

MEETING: Closed meeting: October 28,

1997 9:00 a.m.–4:45 p.m.; Open

meeting: October 29, 1997, 10:30 a.m.–

3:30 p.m.

CHANGES IN MEETING:

Open meeting: October 28, 1997, 9:00

a.m–4:45 p.m.

Closed meeting to discuss staff

support: October 29, 1997, 9:00–10–

a.m.

Open meeting: October 29, 1997,

10:00 a.m.–3:30 p.m.