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DOL Throws Its 2020 Self Under the Bus, Walks Back Guidance That Appeared to Open the Door to Private Equity Investments in 401(k) Plans
RIABizLink to more items from this source
[Guidance Overview]
Dec. 23, 2021

"The [DOL] 'clarified' a 2020 Trump DOL 'information letter' ... [following] complaints that the initial letter ... green lighted a private equity component in individual account plans, such as 401(k) plans, under certain circumstances.... The 2020 letter was a significant coup by the PE industry. It opened a wide swath of 401(k) plans with an estimated $7.3 trillion in assets (as of June 2021) to private equity investments.... The DOL's make-good is written in bureaucratic terms yet it is mostly unequivocal in admitting its earlier communication lacked even-handedness."

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