Testimony of Kevin Mahoney, FinDec Benefit Services

This document is about the testimony of Kevin Mahoney of FinDec Benefit Services before the ERISA Advisory Council. Mahoney provides an overview of brokerage windows in retirement plans, including data on their prevalence and participant usage. He discusses the disclosures provided to participants when opening a brokerage account and suggests three areas where additional guidance could be helpful: disclosures, accessibility, and investment options, particularly as new investment types (e.g. cryptocurrencies) emerge. Mahoney argues that brokerage windows can benefit participants but that protections should be in place for less sophisticated investors.