Kirkland & Ellis Co-Authors Comments 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 real-world 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.
