WASHINGTON, March 31 -- Employee Benefits Security Administration has issued a proposed rule called: Fiduciary Duties in Selecting Designated Investment Alternatives.
The proposed rule was published in the Federal Register on March 31 by Daniel Aronowitz, Assistant Secretary, Employee Benefits Security Administration, U.S. Department of Labor.
Summary: This document contains a proposed regulation that clarifies, and provides a safe harbor for, a fiduciary's duty of prudence under the Employee Retirement Income Security Act of 1974 (ERISA) in connection with selecting designated investment alternatives for a participant-directed individual account plan, including asset allocation funds that include alternative assets. This proposal impleme...