The ERISA Industry Committee has asked the Department of Labor to not throw the baby out with the bathwater when it comes to regulating brokerage windows in employer-sponsored retirement plans.
In a letter to the DOL, ERIC recognized that some sponsors offer a brokerage window as the lone investment option as a way to circumvent the cost and regulatory burdens of traditional investment menus and matching contributions, and that such cases warrant DOL scrutiny.
"We share the DOL's concerns to the extent that there are participant-directed plans that include brokerage windows as the only investment option in an attempt to avoid various disclosure and regulatory requirements under ERISA," wrote Kathryn Ricard, senior vice president of retirement policy at ERIC.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
