DOL Releases Proposed Rule to Clarify ERISA Fiduciary Duties for Alternative Investments in 401(k) Plans

The U.S. Department of Labor (“DOL”) recently published a Notice of Proposed Rulemaking (“NPRM”) titled “Fiduciary Duties in Selecting Designated Investment Alternatives.” The NPRM would pave the way for participant-directed defined contribution plans to offer alternative investments by introducing a “process-based safe harbor” for fiduciaries to apply when selecting alternative investments in a manner consistent with their fiduciary obligations under the Employee Retirement Income Security Act... By: Nelson Mullins Riley & Scarborough LLP