IDC Update

IDC Update: March 6, 2025

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Presidential Executive Order Imposes New Requirements on Independent Regulatory Agencies 

President Trump recently signed an Executive Order that seeks to bring certain independent regulatory agencies, including the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), under the President's ongoing supervision and control. The order requires, among other things: 1) all executive departments and agencies “to submit for review all proposed and final significant regulatory actions to the Office of Information and Regulatory Affairs (OIRA) within the Executive Office of the President before publication in the Federal Register”; 2) the Director of the Office of Management and Budget (OMB) to “establish performance standards and management objectives for independent agency heads . . . and report periodically to the President on their performance and efficiency . . .”; and 3) the Director of OMB to “review independent regulatory agencies’ obligations for consistency with the President’s policies and priorities,” and ”consult with independent regulatory agency chairmen and adjust such agencies’ apportionments . . . to advance the President’s policies and priorities.” The Order also states that the "President and the Attorney General . . . shall provide authoritative interpretations of law for the executive branch." ICI’s memorandum summarizing the Order is available here (login required). 

New Research Finds that 401(k) Plans Increase Employee Retirement Engagement and Contributions 

According to The BrightScope/ICI Defined Contribution Plan Profile: A Close Look at 401(k) Plans, 2022, more than one-third of large 401(k) plans in the sample reported that they automatically enrolled their participants, and nearly 90 percent had employer contributions. The study found that CITs were the most common investment vehicle in large 401(k) plans, holding 43 percent of large private sector 401(k) plan assets in the sample in 2022, but equity funds accounted for the largest share of assets in 401(k) plans, holding 40 percent of large 401(k) plan assets in the sample. In addition, the study determined that mutual fund expense ratios in 401(k) plans tend to be lower in larger plans, with an average asset-weighted expense ratio for domestic equity mutual funds of 0.43 percent for plans with less than $1 million in plan assets, compared with 0.31 percent for plans with more than $1 billion in plan assets in 2022. Further, the study found that mutual fund expense ratios tended to decrease in 401(k) plans between 2009 and 2022. 

Join Fund Directors at IDC’s Upcoming Chapter Meetings in Ohio, North Carolina, New York, Boston, and Washington, DC 

IDC is pleased to continue the new season of Chapter Meetings for fund independent directors with the following meetings. We are looking forward to engaging with directors in your communities, so we encourage you to register and bring your independent director friends. Please also send our invitations to your fund board colleagues residing in any of our meeting locations. IDC’s Chapter Meetings are a great opportunity to catch up with peers, make new connections, and learn about the latest issues of interest to fund boards. Attendance is limited to current independent and interested directors. 

IDC’s Ohio Chapter Meeting will take place on Tuesday, March 11 at Thompson Hine (41 South High Street, Suite 1700, Columbus, OH 43215). Please register HERE. 

IDC’s North Carolina Chapter Meeting will take place on Tuesday, April 8 at K&L Gates (300 South Tryon Street, Suite 1000, Charlotte, NC 28202). Please register HERE. 

IDC’s New York Chapter Meeting will take place on Wednesday, April 9 at K&L Gates (599 Lexington Avenue, 32nd Floor, New York, NY 10022). Please register HERE. 

IDC’s Boston Chapter Meeting will take place on Tuesday, April 22 at Ropes & Gray (Prudential Tower, 800 Boylston Street, Boston, MA 02199) (updated location). Please register HERE. 

IDC’s Washington, DC Chapter Meeting will take place on Wednesday, April 30 at IDC’s Office (1401 H St NW, First Floor, Washington, DC 20005). Please register HERE. 

We hope to see you there! Please share these dates with current independent or interested directors you think may wish to attend. See below for a schedule of additional 2025 IDC Chapter Meetings. 

Registration Open for IDC Webinar on Implementing the Names Rule Amendments: Practical Implications for Board Oversight – Wednesday, March 26 

Registration is now open for IDC’s upcoming webinar, Implementing the Names Rule Amendments: Practical Implications for Board Oversight, on Wednesday, March 26 at 12:00 p.m. ET. The webinar will be moderated by Mary Davis Holt (Independent Director, American Funds), who will be joined by Erica Evans (Assistant General Counsel, ICI), Jay Jackson (Chief Legal Officer, Thrivent Funds), and Elizabeth Reza (Partner, Ropes & Gray LLP). Panelists will discuss some interpretive and operational challenges they have encountered, recent guidance issued by the SEC staff, and the role of fund boards. You can register HERE. 

Join Independent Directors at IDC’s 2025 Fund Directors Workshop: April 30—May 2 

Please register for the 2025 IDC Fund Directors Workshop (Wednesday, April 30—Friday, May 2) at the JW Marriott in Washington, DC, held in conjunction with ICI’s Leadership Summit. Join fund directors for unique networking opportunities, including breakfast with peer-to-peer discussions on strategic priorities of fund boards, and timely, insightful programming on key subjects relevant to fund directors such as “ETF Share Class Governance Considerations” and “Are You Covered? Insurance Considerations for Fund Boards.” Conference registration may be accessed HERE. 

Register Today for IDC’s Director Segment Meetings for Directors of ETFs and the Compliance Oversight Peer Group 

IDC is looking forward to continuing its 2025 director segment meeting series with Director Segment Meetings for Directors of ETFs and the Compliance Oversight Peer Group. These meetings will be held virtually and will not be recorded. Each unique call is focused on candid and interactive peer-to-peer discussions among participants. 

  • The Directors of ETFs meeting will be on Thursday, March 13 at 2:00 p.m. ET and facilitated by Kathryn Quirk (Harbor Funds and Harbor ETF Trust). Please register HERE.
  • The Compliance Oversight Peer Group meeting will be on Wednesday, March 26 at 2:00 p.m. ET and facilitated by John Boyer (Voya Funds). Registration is limited to one representative per fund board. If your board would like to participate in the Compliance Oversight Peer Group Meeting and has not already identified a representative, please email Nicole Baker (Nicole.baker@ici.org) to receive the registration link. 

Please scroll down for other scheduled 2025 IDC Director Segment Meeting dates that may apply to you and your board role.  

Registration Open for IDC’s Webinar on Board Oversight of Alternative Investments: Tuesday, April 1 

Join IDC on Tuesday, April 1, at 2:00 p.m. ET, for a primer on board oversight of alternative investments. This session will provide an overview of alternative investments held in registered vehicles such as interval funds, BDCs, and tender offer funds. Susan McGee (Independent Director, Goldman Sachs BDC) will moderate a discussion with Thomas Friedmann (Partner, Dechert LLP), Joan McCabe (Independent Trustee, Carlye Tactical Private Credit Fund) and Bryan Morris (Partner, Deloitte & Touche LLP). The panelists will explain how alternative investments differ from traditional investment products, such as mutual funds, and consider the implications for board oversight. Please register HERE. 

Register Now for Foundations for Fund Directors® Orientation Program (In-Person) 

Registration is now open for IDC’s Foundations for Fund Directors® orientation program, held in-person at IDC’s Office (1401 H St NW, Washington, DC 20005) from June 11—12. This multi-day course is hands-on and interactive, explaining what you need to know about your role and responsibilities as a fund director. The program is designed for directors with up to five years of experience, but it also enables more-experienced directors to refresh fundamental skills. Please register HERE.  

Mark Your Calendar for Upcoming Events 

All times are shown in eastern time (ET), unless otherwise noted. 

IDC Conferences 

Webinars 

Chapter Meetings in 2025 

Foundations for Fund Directors® 

Core Responsibilities of Fund Directors 

  • September 16 (virtual) 

Director Segment Meetings (all virtual, except if noted otherwise) 

  • Audit Committee Chairs
  • June 10, 2:00 p.m.
  • October 28 (In-person, 2025 Fund Directors Conference)
  • Board Leaders
  • May 22, 2:00 p.m.
  • October 28 (In-person, 2025 Fund Directors Conference)
  • Compliance Oversight
  • March 26, 2:00 p.m.
  • June 25, 2:00 p.m.
  • October 8, 2:00 p.m.
  • Directors of Alternative Investment Products
  • June 4, 2:00 p.m.
  • November 11, 2:00 p.m.
  • Directors of ETFs
  • March 13, 2:00 p.m.
  • May 21, 2:00 p.m.
  • September 25, 2:00 p.m.
  • Directors at Small Fund Complexes
  • June 5, 2:00 p.m.
  • November 19, 2:00 p.m.
  • Governance Committee Chairs
  • June 3, 2:00 p.m.
  • October 28 (In-person, 2025 Fund Directors Conference)
  • New Directors
  • July 8, 2:00 p.m.
  • October 28 (In-person, 2025 Fund Directors Conference) 

A list of IDC events can be found on IDC’s website. Please contact Paul Mussoni for additional information. 

In Case You Missed Recent IDC Webinars or IDC Update Editions 

Be sure to check out our recent webinars available on-demand: 

To access all of IDC’s archived content, please click here (login required) for full access.