Applying a framework adopted in 1961 to today’s predominantly digital and cloud‑based environment has led to unnecessary complexity, interpretive uncertainty, and compliance costs that do not meaningfully advance investor protection. Modernizing the recordkeeping rule would be a sound response to current technological realities. At the same time, the Commission must balance the need for flexibility and innovation against the importance of maintaining reliable records, effective oversight,…

The DOL’s proposed rule introduces a structured safe harbor framework intended to provide clearer standards and liability protection for fiduciaries adhering to a prudent, well-documented process. The proposed rule has the potential to shift fiduciary behavior away from defensive positioning and toward more deliberate portfolio construction. Its effectiveness will depend on whether it reduces litigation-driven conservatism among plan sponsors and supports asset managers in developing…

Regulatory momentum around alternative assets in retirement plans is accelerating. With the DOL advancing its review, we’re moving another step toward a more modern, diversified retirement ecosystem that supports thoughtful innovation and prudent oversight. The DOL’s proposed rule is expected to be published in the coming weeks, marking an important milestone in this evolving landscape.

The DOL's reinstatement of ERISA's longstanding five‑part fiduciary test provides a constructive source of stability for market participants. By withdrawing the 2024 Retirement Security Rule, the agency returns to a narrower and more familiar standard that aligns with established industry practice. This shift improves predictability in how fiduciary obligations are applied and reaffirms that fiduciary status depends on a defined, multi‑factor analysis. The action also reduces compliance…