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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 RIABiz  [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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