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ARTICLE · 07 AUGUST 2012

U.S. DOL Reissues Guidance on Brokerage Windows in Defined Contribution Plans

Day Pitney LLP
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Responding to criticism that recently issued guidance regarding brokerage windows, self-directed brokerage accounts or similar plan arrangements under participant-directed accounts were unworkable and exceeded the U.S. Department of Labor's (DOL's) boundaries for interpretive guidance, the DOL reissued Field Assistance Bulletin (FAB) 2012-02 on July 30, 2012, substantially narrowing the circumstances under which such investment alternatives must be included in the participant disclosure requirem

United StatesEmployment and HR
Liza Hecht
Liza Hecht
Kathy Lawler
Kathy Lawler
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Responding to criticism that recently issued guidance regarding brokerage windows, self-directed brokerage accounts or similar plan arrangements under participant-directed accounts were unworkable and exceeded the U.S. Department of Labor's (DOL's) boundaries for interpretive guidance, the DOL reissued Field Assistance Bulletin (FAB) 2012-02 on July 30, 2012, substantially narrowing the circumstances under which such investment alternatives must be included in the participant disclosure requirements. The participant disclosure requirements are generally effective August 30, 2012 (for calendar-year plans).

FAB 2012-2 was originally issued in May 2012 to assist plan administrators with the participant disclosure regulations, which require certain plan and investment-related information be provided to participants and beneficiaries in participant-directed individual account plans, e.g., 401(k) plans. The investment-related disclosures apply only to investments that

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