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[Guidance Overview]

"In direct contradiction of the participant fee disclosure rule, FAQ 30 [had] required investment-related disclosures if a 'significant number' of participants invested in any one broker window investment. It raised a new fiduciary duty regarding the 'failure to designate a manageable number of investment alternatives.' Finally, it raised significant questions about a duty to monitor brokerage window investments by participants under a prudence standard. FAQ 39, replacing FAQ 30, clearly states that a broker window investment is not a designated investment alternative under the participant fee disclosure rule.... The Department promises to engage in discussions and to undertake rulemaking if it determines that is necessary."
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