Testimony of Kathleen Kelly, Compass Financial Partners

This document is about the testimony of Kathleen Kelly of Compass Financial Partners before the ERISA Advisory Council. Kelly discusses the potential benefits and challenges of brokerage windows, including the need for clear disclosures to participants regarding the fiduciary's limited role in overseeing brokerage investments and the higher costs that may be associated with brokerage window options. Kelly suggests that additional guidance from the Department of Labor could be helpful in addressing these issues, but cautions that any new requirements should be carefully considered to avoid plan sponsors ceasing to offer brokerage windows.