More DOL Guidance on Brokerage Windows Could Cause Problems, Organizations Say

The general consensus among commenters responding to the Department of Labor’s request for information on standards for brokerage windows in participant-directed individual account plans is: More guidance isn’t necessary.

Existing guidance from the DOL’s Employee Benefits Security Administration already is sufficient, and any more guidance could re-introduce concerns that the agency has already addressed, financial organizations and business groups said in letters submitted by the Nov. 19 comment deadline.

Groups offered suggestions on how the DOL could proceed with guidance if it decides to do so, such as by providing safe harbors, offering clearer definitions of the term brokerage window ...