1210-AC38 comment 3601 Hicks, Steve 06012026
Steve HicksOpposeIndividual
Summary: An individual 401(k) participant opposes the proposed rule, arguing that it creates a "safe harbor" that shields plan sponsors from accountability for poor investment choices. The commenter expresses concern that the rule prioritizes Wall Street interests over the protection of workers' retirement savings.
I vociferously oppose Fiduciary Duties in Selecting Designated Investment Alternatives Employee Benefits Security Administration 29 CFR Part 2550 RIN 1210-AC38.
As a working man contributing to my 401(k) for decades, I am deeply concerned this rule creates immunity for plan sponsors. If they add complex private equity funds that underperform or become hard to value, the safe harbor makes it nearly impossible for me to hold them accountable. I want fiduciaries to face real consequences for bad decisions that harm my retirement, not a checklist that shields them. This feels like it prioritizes Wall Street over workers like me. Do not finalize this rule.