WASHINGTON, D.C., March 30, 2026 –The ERISA Industry Committee (ERIC) issued the following statement today regarding a new proposed rule from the Department of Labor (DOL) to clarify a fiduciary’s duty of prudence in selecting investment alternatives for retirement plans. The statement can be attributed to ERIC Senior Vice President of Retirement and Compensation Policy, Andy Banducci.
“Today’s proposed rule is a meaningful and important step by the Department of Labor to bring needed clarity and certainty for retirement plan managers selecting the options to be made available to plan participants. Too often, fear of meritless litigation reduces innovation in 401(k) investment offerings – and we applaud the Department’s work to ensure that plan managers will have a framework on which they can rely to evaluate traditional and emerging investment options, including private market alternatives and lifetime income strategies. We are carefully reviewing the details and expect to offer comments to the Department.”