Arlington, VA-The American Consumer Institute (ACI) joined a coalition of free-market organizations in support of the Department of Labor’s proposed rule on fiduciary duties in selecting designated investment alternatives for 401(k) plans.
The letter urges the Department to finalize the rule, arguing that it would expand investment choice for retirement savers and help provide broader access to alternative assets that have historically been available primarily to institutional investors and defined-benefit plans. The group emphasizes that the proposed safe harbor framework would provide greater clarity for fiduciaries and reduce litigation-driven barriers that have discouraged innovation and flexibility in retirement investment options.
The letter stated that the proposal would help improve diversification opportunities for retirement savers while reaffirming ERISA’s process-based fiduciary standards.
Read the coalition letter here.
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