About the Course
Introduction
This CLE course will provide ERISA counsel an in-depth analysis of the Department of Labor's (DOL) proposed safe harbor for the selection of designated investment alternatives in participant-directed defined contribution plans subject to ERISA (DC plans). The panel will discuss the proposed rule’s framework, what it leaves unchanged, and the practical and structural considerations that will determine whether plan sponsors will decide to offer exposure to private market assets in their DC plans and managers of private market assets will structure their products and services to be used within DC plans.
Description
The DOL has proposed a rule describing how fiduciaries should approach the selection of investment options offered in 401(k) and DC plans. Once the proposed rule is finalized, plan sponsors, fiduciaries, and ERISA counsel must navigate this new framework, understand its implications for the products they provide and assess what it means for alternative investment strategies seeking access to the DC market.
Plans that intend to offer investment options with private markets exposure must focus on the structural and operational realities that determine whether a given product can function within a participant-directed DC plan – or risk potential claims of breach of fiduciary duty, whether from regulators or private litigants. The proposed rule provides a process-based prudence framework organized around six factors. Asset managers, product sponsors, employers who sponsor participant-directed DC plans and their counsel will need to understand both what the proposed rule does and what it leaves unresolved, for purposes of both fiduciary committee readiness and defenses to potential litigation.
Lawsuits and enforcement actions against plan fiduciaries and asset managers may increase as the universe of assets offered in DC plans expands. Counsel must fully understand and guide clients on compliance with the fiduciary duties ERISA imposes on plan fiduciaries and on the structural and governance requirements that will determine whether private market exposure can be prudently selected, administered and defended.
Listen as the panel discusses the practical impacts of the DOL’s proposed rule and what may come next.
Presented By
Ms. Behbin represents registered investment companies and onshore and offshore private equity funds and hedge funds. She also counsels in reorganizing large mutual fund complexes and numerous mutual fund mergers, and preparing various US Securities and Exchange Commission filings, including registration statements and proxy statements. In addition, Ms. Behbin counsels domestic and international clients on various issues relating to private equity and hedge fund offerings, including fund formation, organization of domestic and offshore entities, and compliance with US law.
Ms. Stapel provides effective and practical solutions to clients’ complex ERISA issues. She proficiently steers plan sponsors and investment managers through ERISA’s fiduciary and prohibited transaction rules and negotiates virtually every type of investment-related agreement with employee benefit plans. Ms. Stapel uses exceptional communication and interpersonal skills to advise clients on a wide range of ERISA topics, including effective fiduciary governance, risk management, the creation of “white label” investment options, and the application of environmental, social, and governance (ESG) factors in plan investment decision making. She is also part of the firm’s industry-leading structured transactions practice, applying ERISA’s fiduciary and prohibited transaction rules to structuring and offering asset-backed and mortgage-backed securities and collateralized loan obligations.
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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Date + Time
- event
Thursday, August 27, 2026
- schedule
1:00 PM ET/10:00 AM PT
I. Current rules for alternative assets in DC plans
II. Recently proposed safe harbor – framework and key provisions
III. ERISA fiduciary duties and what the proposed rule changes and does not change
IV. Which products may work in DC plans, which may not and why
V. Fee disclosure, valuation and benchmarking considerations
VI. Gatekeepers, governance and litigation risk
The panel will review these and other key issues:
- What are the key issues that arise for plan sponsors, fiduciaries and advisers under the proposed rule?
- What are the regulatory concerns for ERISA defined contribution plans that seek to offer investment options with private market exposure?
- What structural and operational considerations determine whether a product can function as a designated investment alternative?
- What can counsel learn from the litigation landscape surrounding DC plan investment selection?
Related Courses
Executive Employment Agreements and Change in Control Arrangements
Available On-Demand
Alternative Assets in ERISA Defined Contribution Plans: Recent DOL Proposed Rules, Fiduciary Challenges and Risks
Thursday, August 27, 2026
1:00 PM ET/10:00 AM PT
