Kirkland & Ellis Co-Authors Comment Supporting DOL’s Proposed 401(k) Safe Harbor
Kirkland & Ellis recently joined a coalition of six other law firms to author a public comment in support of the Department of Labor's proposed rule intended to broaden 401(k) plan participant access to alternative investments, including private funds. The proposed rule provides a safe harbor for fiduciaries under ERISA in connection with the fiduciaries’ selection of investment alternatives for participant-directed defined contribution plans, including 401(k) plans. The comment requests that the Department of Labor clarify certain aspects of the proposed rule, and offers realistic examples of how the safe harbor might operate in practice.
Sabrina Glaser, Nicole Runyan, Christine Matott, Will Lane and Chris Palmer contributed to the comment, co-authored by Cleary Gottlieb Steen & Hamilton, Davis Polk & Wardwell, Debevoise & Plimpton, Latham & Watkins, Ropes & Gray and Simpson Thacher.
