When the Department of Labor issued Field Assistant Bulletin (FAB) 2012-02, the private sector was "shocked" by the DOL's position on fiduciary responsibilities for brokerage windows in defined contribution plans, such as 401(k) plans.
The Department subsequently partially reversed part of its guidance. However, significant portions of that guidance remain, and it continues to be a DOL position that plan sponsors have fiduciary responsibilities for brokerage windows in retirement plans.
My partner, Bruce Ashton, and I recently wrote an article about brokerage windows for TD Ameritrade. As explained in the introduction to the article:
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