The DOL Proposed Rule Regarding ERISA Fiduciary Duties in Selecting 401(k) Investment Options

PLI [Practising Law Institute]

On March 30th, the Department of Labor released its proposed regulation – Fiduciary Duties in Selecting Designated Investment Alternatives – providing guidance on how ERISA fiduciaries should evaluate and select investment options offered under participant-directed defined contribution plans, including 401(k) and 403(b) plans. The proposal reaffirms that ERISA fiduciary compliance is determined by process, not product, and that fiduciary obligations apply uniformly across all investment types. At its center is a process-based safe harbor under which a fiduciary who objectively, thoroughly, and analytically considers relevant facts and circumstances (and appropriately documents that process) is presumed to have satisfied ERISA's duty of prudence under ERISA Section 404(a)(1)(B). 

What You Will Learn

Specific issues to be addressed include:

• Background on the proposed rule – 20 minutes
• Description of proposed rule – 20 minutes
• Questions raised by and the potential impact of the proposed rule – 20 minutes

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