To: e-OED

Subject: DOL Limiting Choices in IRAs

Dear Labor:

Recently, I became aware of a proposed rule that would undermine my ability to plan for my retirement in ways 

I believe best for me, and I want to share my concerns with you.

My understanding is that the Department of Labor’s (DOL’s) proposed retirement rule would limit my ability to 

trade listed options in my IRA. It’s a limitation that, to me, makes no sense. 

I have traded options in my IRA, just as I have in non-retirement brokerage accounts, and I had to qualify for this 

privilege. Education and support from my brokerage firm are available to me 24-7 to answer questions or 

validate ideas. I can join online communities, take courses, watch instructional videos, test strategies, or speak 

to a representative any time I want.

This proposed rule would change all of that by making my brokerage firm a fiduciary for my IRA – responsible for 

looking out for my best interests – if it provides any research, tools or education that the rule views as “advice.” 

My account in its current state would likely be considered an “advised IRA,” and as I understand the rule, 

options trading would be prohibited in it. 

In order to trade options in my IRA, my brokerage firm would likely be required to remove most research, tools 

and educational resources so my account would not be considered an “advised IRA.” Or, my firm could convert 

my account to a more expensive investment advisory one. Neither appeals to me. 

With this rule, it seems the government has determined that I am not smart enough to make my own informed 

investment decisions. I do not agree. The rule will only divert my attention and assets away from my IRA and 

toward other, non-retirement accounts.

Saving for retirement is difficult enough. Why add more obstacles and complexity? I urge you to please preserve 

the freedoms investors currently enjoy to choose how we invest in our retirement accounts and plan for a better 

financial tomorrow.

Sincerely,
To: e-OED

Subject: DOL Limiting Choices in IRAs

Dear Labor:

I am an investor. My financial security, and that of my family, are very important to me – especially when I 

consider my retirement. Recently, I became aware of a proposed rule that would undermine my ability to plan 

for my retirement in a way I believe is best for me, and I want to share my concerns with you.

My understanding is that the Department of Labor’s (DOL’s) proposed retirement rule would limit my ability to 

trade listed options in my IRA. It’s a limitation that, to me, makes no sense. 

Today, I am free to choose how I use financial services and the level of help or support I need. I can completely 

manage some investments on my own, using the tools and education provided by my broker as I see fit; or I can 

ask for fee-based advice and discretionary account management. In addition, I can use many of the same 

investment strategies and products in my IRA that I do in my non-retirement accounts. This gives me the 

flexibility to choose exactly what I need to meet my goals at a competitive price that I’m willing and able to pay.

As a self-directed investor, I should retain the freedom to make those decisions – regardless of the type of 

brokerage account (retirement or non-retirement) that I hold. 

I have traded options in my IRA, and I had to qualify for this privilege. Education and support from my brokerage 

firm are available to me 24-7 to answer questions or help validate my ideas. I can join online communities, take 

courses, watch instructional videos, test strategies, or speak to a representative any time I want. And, while I 

know options are not suitable for all investors, I have determined that they are suitable for me, based on my 

experience, knowledge and financial situation.

This proposed rule would change all of that by making my brokerage firm a fiduciary for my IRA – responsible for 

looking out for my best interests – if it provides any research, tools or educational resources that the rule views 

as “advice.” My account in its current state would likely be considered an “advised IRA,” and as I understand the 

rule, options trading would be prohibited in it. 

In order for me to continue to trade options in my IRA (which is what I want to do in pursuit of my investment 

goals), my brokerage firm would likely be required to remove most research, tools and educational resources so 

my account would not be considered an “advised IRA.” Or, my firm could convert my account to a more 

expensive investment advisory one. Neither choice appeals to me. 

With this rule, it seems the government has determined that I am not smart enough to make my own informed 

investment decisions. I do not agree. The rule would only drive me – and likely other investors – to trade options 

in non-retirement accounts, thereby decreasing the funding we have available for our IRAs. I’m sure that’s not 

the DOL’s intent, but it’s a very real possibility. 

Investing for retirement is difficult enough. With nearly a decade of historically-low interest rates to challenge 

American investors, why add more obstacles and complexity? I urge you to preserve the freedoms investors 

currently enjoy to choose how we invest in our retirement accounts and plan for a better financial tomorrow. 

Sincerely,