Designated investment alternative. A ‘‘designated investment alternative’’ is any investment alternative des- ignated by the covered plan into which participants and beneficiaries may di- rect the investment of assets held in, or contributed to, their individual ac- counts. The term ‘‘designated invest- ment alternative’’ shall not include brokerage windows, self-directed bro- kerage accounts, or similar plan ar- rangements that enable participants and beneficiaries to select investments beyond those designated by the covered plan.
