34 pages. "In retirement plans, especially [DC] plans, assets are increasingly moving into structures that live outside the strictest 'retail' regimes (CITs, private equity, insurance separate accounts, alternative vehicles).... The fiduciary overlay under ERISA ... may not fully compensate for diminished product-level protections. What this paper will do:[1] Describe how the investor-protection architecture was built and what it was meant to solve. [2] Show where and how the perimeter is shifting in the retirement marketplace. [3] Provide a practical framework for fiduciaries to evaluate 'non-40 Act' and private-market exposures in DC plans. [4] Suggest policy and industry responses that balance innovation with durable investor protections."  MORE >>