Yugocean
Valued Contributor
On Thursday, June 2, 2022, 401(k) provider "ForUsAll" filed a lawsuit against the US Department of Labor (DOL) in the United States District Court in federal capital Washington, D.C.
In March, the DOL issued compliance guidance for 401(k) plans and threatened to investigate employers who offer cryptocurrency options.
Various organisations have objected, arguing that the DOL's order breaches the Administrative Procedure Act, which protects private rights from arbitrary government intrusion.
According to ForUsAll CEO Jeff Schulte, Self-Directed Brokerage Accounts (SDBAs) permits 401(k) participants to invest in a greater selection of investments than what their employer's offers, and the DOL is aiming to limit individual choice.
The lawsuit aims to stop the federal agency from limiting the types of investments that Americans can make through an SDBA. DOL's direction is credited to Acting Assistant Secretary Ali Khawar, who worked with Labor Secretary Martin Walsh to create it, so both Khawar and Walsh are under fire.
In March, the DOL issued compliance guidance for 401(k) plans and threatened to investigate employers who offer cryptocurrency options.
Various organisations have objected, arguing that the DOL's order breaches the Administrative Procedure Act, which protects private rights from arbitrary government intrusion.
According to ForUsAll CEO Jeff Schulte, Self-Directed Brokerage Accounts (SDBAs) permits 401(k) participants to invest in a greater selection of investments than what their employer's offers, and the DOL is aiming to limit individual choice.
The lawsuit aims to stop the federal agency from limiting the types of investments that Americans can make through an SDBA. DOL's direction is credited to Acting Assistant Secretary Ali Khawar, who worked with Labor Secretary Martin Walsh to create it, so both Khawar and Walsh are under fire.
