24052 Federal Register / Vol. 74, No. 98 / Friday, May 22, 2009 / Notices 

1Employee Benefits Research Institute Issue Brief 

#327, March 2009. 

2See 2008 ERISA Advisory Council Working 

Group Report on Hard to Value Assets and Target 

Date Funds, found at: http://www.dol.gov/ebsa/ 

publications/2008ACreport1.html. 

3The Committee held a related hearing on 

February 25, 2009. See: http://aging.senate.gov/ 

hearing_detail.cfm?id=309027&. 

the State of Tennessee (FEMA–1839– 

DR), dated 05/15/2009. 

Incident: Severe storms, tornadoes, 

and flooding. 

Incident Period: 04/10/2009. 

Effective Date: 05/15/2009. 

Physical Loan Application Deadline 

Date: 07/14/2009. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 02/15/2010. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street, SW., Suite 6050, 

Washington, DC 20416. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

President’s major disaster declaration on 

05/15/2009, Private Non-Profit 

organizations that provide essential 

services of governmental nature may file 

disaster loan applications at the address 

listed above or other locally announced 

locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: 

Benton, McMinn, Rutherford, 

Sequatchie. 

The Interest Rates are: 

Percent 

Other (Including Non-Profit 

Organizations) With Credit 

Available Elsewhere .......... 4.500. 

Businesses and Non-Profit 

Organizations Without 

Credit Available Elsewhere 4.000. 

The number assigned to this disaster 

for physical damage is 11754B and for 

economic injury is 11755B. 

(Catalog of Federal Domestic Assistance 

Numbers 59002 and 59008) 

Roger B. Garland, 

Acting Associate Administrator for Disaster 

Assistance. 

[FR Doc. E9–11978 Filed 5–21–09; 8:45 am] 

BILLING CODE 8025–01–P 

DEPARTMENT OF LABOR 

Employee Benefits Security 

Administration 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. IC–28725; File No. 4–582] 

Hearing on Target Date Funds and 

Similar Investment Options 

AGENCIES: Employee Benefits Security 

Administration, U.S. Department of 

Labor (‘‘Department’’) and Securities 

and Exchange Commission 

(‘‘Commission’’) (each, an ‘‘Agency,’’ 

collectively, the ‘‘Agencies’’). 

ACTION: Notice of hearing. 

SUMMARY: Notice is hereby given that 

the Department of Labor and the 

Securities and Exchange Commission 

will hold a joint one-day hearing on 

issues relating to investments in target 

date funds and similar investment 

options by 401(k) plan participants and 

other investors. 

DATES: The one-day hearing will be held 

on June 18, 2009, beginning at 9 a.m., 

EST. 

ADDRESSES: The hearing will be held at 

the U.S. Department of Labor, 200 

Constitution Avenue, NW., Washington, 

DC 20210. 

FOR FURTHER INFORMATION CONTACT: Fred 

J. Wong, Office of Regulations and 

Interpretations, Employee Benefits 

Security Administration, U.S. 

Department of Labor, at (202) 693–8500, 

or Tara R. Buckley, Office of Chief 

Counsel, Division of Investment 

Management, U.S. Securities and 

Exchange Commission, at (202) 551– 

6825. These are not toll-free numbers. 

SUPPLEMENTARY INFORMATION: ‘‘Target 

date’’ or ‘‘lifecycle’’ funds and other 

similar investment options (‘‘TDFs’’) are 

investment products that allocate their 

investments among various asset classes 

and automatically shift that allocation to 

more conservative investments as a 

‘‘target’’ date approaches. This shift in 

asset allocation, often referred to as a 

fund’s ‘‘glide path,’’ may differ 

significantly among funds with the same 

target date. Recent studies suggest that 

TDFs are becoming more common as 

investment options in participantdirected retirement plans, such as 

401(k) plans.1 The growing popularity 

of TDFs has focused attention on issues 

relating to the design, operation and 

selection of TDFs as investment options. 

The designation of investment options 

to be made available under a privatesector retirement plan is governed by 

the fiduciary responsibility provisions 

of the Employee Retirement Income 

Security Act of 1974 (‘‘ERISA’’). Persons 

with this responsibility must prudently 

select and monitor those investment 

options. 

The Department’s 2008 ERISA 

Advisory Council studied several 

aspects of TDFs as 401(k) plan 

investment options, including the 

challenges and risks they may pose to 

plan fiduciaries and to participants who 

invest in TDFs, the different types of 

TDFs, and appropriate criteria for 

adopting and monitoring them. In its 

2008 report to the Secretary of Labor, 

the Advisory Council recommended 

that the Department provide additional 

guidance to plan fiduciaries on the 

selection and monitoring of TDFs. The 

Advisory Council also called for the 

development of participant education 

materials and illustrations to enhance 

awareness of the value and the risks 

associated with these investments.2

The U.S. Senate Special Committee 

on Aging recently began an 

investigation of certain TDFs marketed 

to 401(k) plans. In preliminary findings 

shared with the Agencies, the 

Committee found a wide range of 

objectives, portfolio compositions, and 

risks among same-year TDFs. The 

Committee expressed concern that, 

given these variations, some investors 

may be investing in TDFs without being 

aware of the financial risk. The 

Committee therefore urged the Agencies 

to commence a review of TDFs.3

In view of the importance of these 

issues for the retirement savings of 

investors, the Department and the 

Commission have decided to hold a 

public hearing. The primary purpose of 

this hearing is to determine if additional 

guidance by either Agency would be 

helpful. The Agencies are specifically 

interested in obtaining information on: 

• How TDF managers determine asset 

allocations and changes to asset 

allocations (including glide paths) over 

the course of a TDF’s operation; 

• How they select and monitor 

underlying investments; 

• How the foregoing, and related 

risks, are disclosed to investors; and 

• The approaches or factors for 

comparing and evaluating TDFs. 

The hearing will be held on June 18, 

2009, beginning at 9 a.m. and ending at 


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Federal Register / Vol. 74, No. 98 / Friday, May 22, 2009 / Notices 24053 

5 p.m., EST, in the plaza auditorium of 

the U.S. Department of Labor, Francis 

Perkins Building, at 200 Constitution 

Avenue, NW., Washington, DC 20210. 

Persons interested in presenting 

testimony and answering questions at 

this public hearing must submit, by 3:30 

p.m., EST, June 5, 2009, the following 

information: (1) A written request to be 

heard; and (2) An outline of the topics 

to be discussed, indicating the time 

allocated to each topic. It should be 

noted that, while reasonable efforts will 

be made to accommodate all requests to 

testify, it may be necessary to limit the 

number of those testifying in order to 

adhere to the hearing’s one-day format. 

Any persons not afforded an 

opportunity to testify will nonetheless 

have an opportunity to submit a written 

statement for the record. The hearing 

will be open to the general public. 

Because the Agencies will jointly 

review all responses submitted, 

interested parties may send requests and 

outlines to either Agency and need not 

submit responses to both Agencies. 

Respondents are encouraged to use the 

title ‘‘Target Date Fund Joint Hearing’’ to 

facilitate the organization and 

distribution of responses between the 

Agencies. Interested parties are invited 

to submit responses to: 

Employee Benefits Security 

Administration, U.S. Department of 

Labor: To facilitate the receipt and 

processing of responses, the Department 

encourages interested persons to submit 

their requests and outlines 

electronically by e-mail to 

e-ORI@dol.gov. Persons submitting 

requests and outlines electronically 

should not submit paper copies. Persons 

submitting requests and outlines on 

paper should send or deliver their 

requests and outlines (preferably at least 

three copies) to the Office of Regulations 

and Interpretations, Employee Benefits 

Security Administration, Attn: Target 

Date Fund Joint Hearing, Room N–5655, 

U.S. Department of Labor, 200 

Constitution Avenue, NW., Washington, 

DC 20210. All requests and outlines 

submitted will be available to the 

public, without charge, online at http:// 

www.dol.gov/ebsa and at the Public 

Disclosure Room, N–1513, Employee 

Benefits Security Administration, U.S. 

Department of Labor, 200 Constitution 

Avenue, NW., Washington, DC 20210. 

Securities and Exchange Commission: 

Responses may be submitted by any of 

the following methods: 

Electronic Responses 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

news/other.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number 4–582 Target Date Joint Hearing 

on the subject line. 

Paper Responses 

• Send paper requests and outlines in 

triplicate to Elizabeth M. Murphy, 

Secretary, Securities and Exchange 

Commission, 100 F Street, NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number 4–582 Target Date Fund Joint 

Hearing. This file number should be 

included on the subject line if e-mail is 

used. To help us process and review 

your requests and outlines more 

efficiently, please use only one method. 

The Commission will post all requests 

and outlines on the Commission’s 

Internet Web site (http://www.sec.gov). 

Requests and outlines are also available 

for public inspection and copying in the 

Commission’s Public Reference Room, 

100 F Street, NE., Washington, DC 

20549, on official business days 

between the hours of 10 a.m. and 3 p.m. 

All requests and outlines received will 

be posted without change; we do not 

edit personal identifying information 

from submissions. You should submit 

only information that you wish to make 

available publicly. 

The Agencies will prepare an agenda 

indicating the order of presentation of 

oral comments and testimony. In the 

absence of special circumstances, each 

presenter will be allotted ten (10) 

minutes in which to complete his or her 

presentation. 

Information about the agenda will be 

posted on http://www.dol.gov/ebsa and 

http://www.sec.gov on or after June 10, 

2009, or may be obtained by contacting 

Fred Wong, Office of Regulations and 

Interpretations, Employee Benefits 

Security Administration, U.S. 

Department of Labor, telephone (202) 

693–8500, or Tara R. Buckley, Office of 

Chief Counsel, Division of Investment 

Management, U.S. Securities and 

Exchange Commission, at (202) 551– 

6825. 

Those individuals who make oral 

comments and testimonies at the 

hearing should be prepared to answer 

questions regarding their information 

and/or comments. The hearing will be 

transcribed. The hearing also will be 

available via webcast on the 

Department’s Web site at http:// 

www.dol.gov/ebsa and on the 

Commission’s Web site at http:// 

www.sec.gov. 

Any individuals with disabilities who 

may need special accommodations 

should notify Fred Wong on or before 

June 10, 2009. 

Notice of Public Hearing 

Notice is hereby given that a one-day 

public hearing will be held on June 18, 

2009, concerning issues related to 

investments in TDFs. The hearing will 

be held beginning at 9 a.m. in the plaza 

auditorium of the U.S. Department of 

Labor, Francis Perkins Building, 200 

Constitution Avenue, NW., Washington, 

DC 20210. 

Dated: May 19, 2009. 

By the U.S. Department of Labor. 

Alan D. Lebowitz, 

Deputy Assistant Secretary for Program 

Operations, Employee Benefits Security 

Administration, U.S. Department of Labor. 

Dated: May 19, 2009. 

By the Securities and Exchange 

Commission. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. E9–12024 Filed 5–21–09; 8:45 am] 

BILLING CODE 4510–29–P; 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

In the Matter of Today’s Man, Inc., 

Tokheim Corp., Total Film Group, Inc., 

Toth Aluminum Corp., Tower Air, Inc., 

TPC Liquidation, Inc., the Translation 

Group, Ltd., Track ‘n Trail, Inc., 

TransAxis, Inc., Transmedia Europe, 

Inc., Treasury International, Inc., 

Trend-Lines, Inc., and Tri Lite, Inc., 

Respondents; Order of Suspension of 

Trading 

May 20, 2009. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Today’s 

Man, Inc. because it has not filed any 

periodic reports since the period ended 

November 2, 2002. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Tokheim 

Corp. because it has not filed any 

periodic reports since the period ended 

August 31, 2002. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Total Film 

Group, Inc. because it has not filed any 

periodic reports since the period ended 

March 31, 2001. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of Toth 

Aluminum Corp. because it has not filed 

any periodic reports since the period 

ended February 29, 2004. 


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