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If help from a practitioner doesn’t get what you seek, consider whether you have a friend at Morgan Stanley who would search its files.

What was it the Citgo Doctrine? Or was it the Valero Doctrine? Oh right Chevron 🤣

Empower has been on the train since early 2025. Empower expects to include private investments within Empower collective trust funds. https://www.empower.com/press-center/empower-offer-private-markets-investments-retirement-plans Empower has supported making it feasible to include private-equity and alternative investments. https://www.empower.com/press-center/empower-responds-senator-elizabeth-warrens-inquiry https://www.empower.com/press-center/empower-applauds-executive-order-supporting-broader-investment-access-401k-plans Yesterday, Empower’s news release praised the proposed rulemaking. https://www.empower.com/press-center/empower-applauds-dol-proposal-supporting-responsible-flexibility-investment-choices

If you make private equity funds available to the public, then you create money making opportunities for the private equity fund managers by opening up a category of money and unsophisticated investors that would not otherwise be preyed upon.

The answer to your question is YES.

Well on its face it is a true statement. Once you adopt the plan, simply not adopting it again is not enough to end your participation. With that being said I think you just do a new one today and have them execute it. All of their original information regarding the effective date of their participation is unchanged. Then you will have a participation agreement that more perfectly aligns with the new format of the plan document.