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Brokerage Window

An option within a retirement plan that allows individuals to invest in a much wider range of securities (like individual stocks, bonds, or specific mutual funds) beyond the limited selection of funds typically chosen and monitored by the plan's fiduciaries.

Designated Investment Alternative

Investment options within a retirement plan that have been specifically selected, reviewed, and monitored by the plan's fiduciaries (those responsible for acting in the best interest of the plan's participants).

Fiduciary

A person or organization that has a legal and ethical obligation to act in the best interest of another party. In retirement plans, fiduciaries are typically responsible for prudently selecting and monitoring investment options.

Employee Retirement Income Security Act of 1974 (ERISA)

A federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans.

Individual Accounts

A type of retirement plan account (like a 401(k) or 403(b)) where each participant has their own account, and the benefits they receive depend on the amount contributed and the investment performance of their chosen options.

Pension Plan

A type of retirement plan that provides a retirement income for employees. The bill specifically refers to pension plans with individual accounts.