Retirement Groups Urge Tweaks to 401(k) Private Asset Proposal

Major retirement industry groups urged the Department of Labor to make several specific adjustments to its proposal that would offer fiduciaries legal cover to add alternative assets including cryptocurrency to 401(k) plan menus.

In a rule-making public comment period that ended Monday, organizations representing employers, the alternative asset industry, and financial services firms were broadly supportive of the DOL’s March 30 proposal, but offered a number of suggested changes before it is finalized. Those recommendations centered on the examples the agency included in its proposal to illustrate the six factors fiduciaries would have to satisfy to qualify for a ...