United States Securities and Exchange Commission (SEC) announced on Friday that it fined the investment management advisor The Vanguard Group, Inc. with $106.41 million to settle its charges related to “misleading statements related to capital gains distributions and tax consequences for retail investors who held Vanguard Investor Target Retirement Funds (Investor TRFs) in taxable accounts.” The SEC stated that Vanguard reduced the minimum investment requirement for its Institutional Target Retirement Funds (Institutional TRFs) in 2020, which triggered redemptions as Vanguard clients transitioned from Investor TRFs to institutional versions. The SEC’s order found the redemptions resulted in taxable distributions for certain remaining shareholders, which Vanguard reportedly did not adequately disclose. “Materially accurate information about capital gains and tax implications is critical to investors saving for their retirements,” Chief of the Division of Enforcement’s Asset Management Unit, Corey Schuster, said. “Firms must ensure that they are accurately describing to investors the potential risks and consequences associated with their investments,” he added.