A board tasked with advising the U.S. Labor Department on employee benefits issues will launch research this year into self-directed retirement plan brokerage windows and gaps in Americans’ access to savings based on race, ethnicity, and gender.
The ERISA Advisory Council voted Monday to begin gathering data and interviewing witnesses on the two topics. DOL officials told the council they have witnessed a rise in the use of brokerage windows, which give participants the option to buy and sell individual securities independent of typical 401(k)-style investment options. Retirement savings access among low-wage earners has been a growing industry concern ...