AARP
AdvocacyOppose
Private equity in 401ks
Risks of private equity and cryptocurrency
Fiduciary Duties In Selecting Designated Investment Alternatives
EBSA-2026-0166-0001Proposed Rule
Comments
16,574
Last activity Jun 2, 2026
Deadline
Closed on Jun 2, 2026
Closed Jun 2, 2026
Net supportiSupport minus oppose · campaigns included
-80%
-87% excluding campaigns
Document
Details
The document's own metadata, straight from the source system.
- Title
- Fiduciary Duties In Selecting Designated Investment Alternatives
- Posted
- Mar 31, 2026
- Comment period
- Mar 31, 2026 – Jun 2, 2026
- FR Doc
- 2026-06178
- CFR
- 29 CFR Part 2550
Analysis
Overview
What the public is saying — stance, who's commenting, and the issues they raise.
Include campaigns
Analyzed 16,564 of 16,574 comments
100%· analysis in progress
Stance breakdown
-80%
Net support
Support1,598Oppose14,891Other75Not yet analyzed10
Aggregates include form-letter campaigns. Excluding them, net support is -87% across organic comments.
Who commented
Breakdown by commenter type.
Union
5
Individual
16,350
Government
23
Trade association
31
Advocacy
47
Academic
30
Business
72
Other
6
Not yet analyzed
10
Comments over time
Weekly arrivals, stacked by stance.
Posted Mar 31, 2026Deadline Jun 2, 2026
Apr 6Apr 20May 4May 18Jun 1
Support1,598Oppose14,890Other75
Support × commenter type
How each type splits across stance.
Support
Oppose
Other
Individual
9%
91%
0%
Business
68%
28%
4%
Advocacy
45%
55%
0%
Trade association
94%
6%
0%
Academic
23%
73%
3%
Government
57%
39%
4%
Other
33%
50%
17%
Union
20%
80%
0%
Issues raised
The docket's canonical issues. Select one to browse its comments.
Private equity and cryptocurrency risks12,757
Private equity in 401ks12,741
Risks of private equity and cryptocurrency12,301
Private equity in 401(k)s2,880
Private equity 401k access2,598
Protection of retirement savings2,382
Private equity and crypto risks2,201
Private equity in retirement funds2,188
Private equity in 401(k) plans2,170
Financial risk concerns2,100
Position map
Who stands where on each issue?
Every non-silent position is backed by an excerpt from the comment.
Issues shown
Uncheck an issue to choose another.
| Organization | Expanding access to alternative assets | Impact of frivolous litigation | Financial risk concerns | Private equity in 401ks | Risks of private equity and cryptocurrency |
|---|---|---|---|---|---|
AARP AdvocacyOppose AARP opposes the proposed rule because it creates a "safe harbor" that they believe weakens the existing ERISA fiduciary | · | · | · | ||
AFL-CIO UnionOppose The AFL-CIO and several labor unions oppose the Proposed Rule because it fails to sufficiently warn plan fiduciaries abo | · | · | · | ||
American Bankers Association Trade associationSupport The American Bankers Association supports the Department of Labor's proposal to establish a principles-based safe harbor | · | · | · | · | |
American Benefits Council Trade associationSupport The American Benefits Council supports the proposed rule as a necessary step to address baseless litigation against reti | · | · | · | · | |
American Federation of State, County and Municipal Employees (AFSCME) UnionOppose The American Federation of State, County and Municipal Employees (AFSCME) opposes the proposed rule, arguing that it pri | · | · | · | ||
American Retirement Association Trade associationSupport The American Retirement Association (ARA) supports the proposed rule, praising its asset-neutral, process-oriented appro | · | · | · | · | |
Apollo Global Management, Inc. BusinessSupport Apollo Global Management, Inc. | · | · | · | · | |
ASA Trade associationSupport The American Society of Appraisers (ASA) supports the proposed framework for fiduciaries evaluating designated investmen | · | · | · | · | · |
Awaken Group Inc. BusinessSupport Awaken Group Inc. | · | · | · | ||
Better Markets AdvocacyOppose Better Markets opposes the Department of Labor's proposal to provide a "safe harbor" for ERISA plan fiduciaries selectin | · | · | · | ||
Betterment LLC BusinessSupport Betterment LLC, a wealth and savings platform, supports the Department of Labor's proposed rule for a principles-based, | · | · | · | · | |
BlackRock, Inc. BusinessSupport BlackRock, Inc. | · | · | · | · | |
Blockchain Association AdvocacySupport The Blockchain Association, a nonprofit membership organization representing over 100 companies in the digital asset ind | · | · | · | · | |
Charles Schwab & Co., Inc. BusinessSupport Charles Schwab & Co., Inc. | · | · | · | ||
Coalition for Modern Retirement Solutions AdvocacySupport The Coalition for Modern Retirement Solutions (CMRS), represented by Mayer Brown LLP, supports the Department's asset-cl | · | · | · | · | |
Consumer Action for a Strong Economy AdvocacySupport Consumer Action for a Strong Economy supports the proposed rule as a positive step toward allowing 401(k) plans to inclu | · | · | · | · | · |
Consumers' Research AdvocacySupport Consumers’ Research, a consumer-protection non-profit, supports the proposed rule but argues it should be strengthened w | · | · | · | · | |
Defined Contribution Alternatives Association Trade associationSupport The Defined Contribution Alternatives Association (DCALTA) expresses strong support for the Department of Labor's propos | · | · | · | ||
Empower BusinessSupport Edmund F. | · | · | · | ||
Financial Services Institute Trade associationSupport The Financial Services Institute (FSI) supports the Department of Labor's proposal to establish a process-based fiduciar | · | · | · | · | |
Hispanic Leadership Fund AdvocacySupport The Hispanic Leadership Fund (HLF) supports the proposed rule regarding fiduciary duties in selecting investment alterna | · | · | · | · | |
Institute for Policy Innovation AdvocacySupport The Institute for Policy Innovation (IPI) supports the Department of Labor's proposed rule to modernize the regulatory f | · | · | · | · | |
Institute for Portfolio Alternatives Trade associationSupport The Institute for Portfolio Alternatives (IPA) strongly supports the Department of Labor's proposed regulation regarding | · | · | · | ||
Insured Retirement Institute, Inc. Trade associationSupport The Insured Retirement Institute, Inc. | · | · | · | · | |
International Franchise Association Trade associationSupport The International Franchise Association (IFA) supports the Department of Labor's Proposed Rule regarding fiduciary dutie | · | · | · | · | |
Investment Adviser Association Trade associationSupport The Investment Adviser Association (IAA) strongly supports the proposed rule for establishing a principles-based, asset- | · | · | · | · | |
Managed Funds Association Trade associationSupport The Managed Funds Association (MFA) supports the Department of Labor's proposed rule to provide a safe harbor for fiduci | · | · | · | ||
MFDF Trade associationSupport MFDF, an association for independent directors of registered investment companies, supports the Department of Labor's pr | · | · | · | ||
Money Management Institute Trade associationSupport The Money Management Institute (MMI), a trade association representing sponsors and investment advisers, supports the Pr | · | · | · | ||
Morgan, Lewis & Bockius LLP BusinessSupport Marla J. | · | · | · | ||
Nareit AdvocacySupport Nareit, the worldwide representative voice for REITs, supports the Department of Labor's proposed framework for fiduciar | · | · | · | · | |
Nareit's Public Non-Listed REIT Council AdvocacySupport The National Association of Real Estate Investment Trusts (Nareit) and its PNLR Council support the Department of Labor' | · | · | · | ||
Nasdaq, Inc. BusinessSupport Nasdaq, Inc. | · | · | · | · | |
National Employment Lawyers Association AdvocacyOppose The National Employment Lawyers Association (NELA) opposes the proposed regulation because it creates a "safe harbor" or | · | · | · | · | · |
National Taxpayers Union AdvocacySupport The National Taxpayers Union supports the Department of Labor's proposed rule to improve the process for evaluating inve | · | · | · | ||
NCCMP Trade associationSupport The National Coordinating Committee for Multiemployer Plans (NCCMP) supports the Department of Labor's proposed rule, pr | · | · | · | · | |
North American Securities Administrators Association Trade associationSupport The North American Securities Administrators Association (NASAA) supports the proposed rulemaking to establish a process | · | · | · | · | |
Nuovalo Ltd. BusinessSupport Nuovalo Ltd, an actuarial consulting and technology provider, supports the inclusion of longevity risk-sharing pools (LR | · | · | · | ||
Office of Advocacy, U.S. Small Business Administration GovernmentSupport The Office of Advocacy, representing small entities within the federal government, supports the proposed rule to clarify | · | · | · | · | |
Pacific Life BusinessSupport Pacific Life Insurance Company supports the Department of Labor's proposed rule, which aims to provide fiduciaries with | · | · | · | · | |
Prudential Financial, Inc. BusinessSupport Prudential Financial, Inc. | · | · | · | · | |
Public Investors Advocate Bar Association AdvocacyOppose The Public Investors Advocate Bar Association (PIABA) opposes the proposed rule because it creates a "process-based safe | · | · | · | · | |
Roosevelt Institute AdvocacyOppose The Roosevelt Institute opposes the proposed rule, arguing that it weakens fiduciary standards and encourages retirement | · | · | · | · | |
State Street Investment Management BusinessSupport State Street Investment Management supports the Department of Labor's proposed regulation to clarify fiduciary standards | · | · | · | ||
Suttle Crossland Wealth Advisors, LLC BusinessOppose Dustin G. | · | · | · | · | |
T. Rowe Price Associates, Inc. BusinessSupport T. | · | · | · | · | |
Terra-Nova LLC of Utah BusinessOppose Sarah Cylvick, Vice President of Terra-Nova LLC of Utah, opposes the proposed changes to fiduciary duties regarding desi | · | · | · | ||
The Academy of Financial Education; American Federation of Teachers; Americans for Financial Reform Education Fund; Better Markets; Center for Economic and Policy Research; The Committee for the Fiduc AdvocacyOppose A coalition of consumer, retiree, and worker advocacy organizations opposes the Department of Labor's proposal, arguing | · | · | · | · | |
The ERISA Industry Committee Trade associationSupport The ERISA Industry Committee (ERIC), representing large employer plan sponsors, supports the proposed rule's goals of ma | · | · | · | ||
The SPARK Institute Trade associationSupport The SPARK Institute, Inc. | · | · | · |
AFL-CIO
UnionOppose
Private equity in 401ks
Risks of private equity and cryptocurrency
American Bankers Association
Trade associationSupport
Expanding access to alternative assets
American Benefits Council
Trade associationSupport
Impact of frivolous litigation
American Federation of State, County and Municipal Employees (AFSCME)
UnionOppose
Private equity in 401ks
Risks of private equity and cryptocurrency
American Retirement Association
Trade associationSupport
Impact of frivolous litigation
Apollo Global Management, Inc.
BusinessSupport
Expanding access to alternative assets
ASA
Trade associationSupport
Awaken Group Inc.
BusinessSupport
Expanding access to alternative assets
Financial risk concerns
Better Markets
AdvocacyOppose
Private equity in 401ks
Risks of private equity and cryptocurrency
Betterment LLC
BusinessSupport
Impact of frivolous litigation
BlackRock, Inc.
BusinessSupport
Expanding access to alternative assets
Blockchain Association
AdvocacySupport
Expanding access to alternative assets
Charles Schwab & Co., Inc.
BusinessSupport
Expanding access to alternative assets
Impact of frivolous litigation
Coalition for Modern Retirement Solutions
AdvocacySupport
Private equity in 401ks
Consumer Action for a Strong Economy
AdvocacySupport
Consumers' Research
AdvocacySupport
Financial risk concerns
Defined Contribution Alternatives Association
Trade associationSupport
Expanding access to alternative assets
Financial risk concerns
Empower
BusinessSupport
Expanding access to alternative assets
Impact of frivolous litigation
Financial Services Institute
Trade associationSupport
Impact of frivolous litigation
Hispanic Leadership Fund
AdvocacySupport
Expanding access to alternative assets
Institute for Policy Innovation
AdvocacySupport
Private equity in 401ks
Institute for Portfolio Alternatives
Trade associationSupport
Expanding access to alternative assets
Impact of frivolous litigation
Insured Retirement Institute, Inc.
Trade associationSupport
Impact of frivolous litigation
International Franchise Association
Trade associationSupport
Expanding access to alternative assets
Investment Adviser Association
Trade associationSupport
Expanding access to alternative assets
Managed Funds Association
Trade associationSupport
Expanding access to alternative assets
Financial risk concerns
MFDF
Trade associationSupport
Expanding access to alternative assets
Financial risk concerns
Money Management Institute
Trade associationSupport
Expanding access to alternative assets
Impact of frivolous litigation
Morgan, Lewis & Bockius LLP
BusinessSupport
Expanding access to alternative assets
Financial risk concerns
Nareit
AdvocacySupport
Expanding access to alternative assets
Nareit's Public Non-Listed REIT Council
AdvocacySupport
Expanding access to alternative assets
Financial risk concerns
Nasdaq, Inc.
BusinessSupport
Expanding access to alternative assets
National Employment Lawyers Association
AdvocacyOppose
National Taxpayers Union
AdvocacySupport
Expanding access to alternative assets
Financial risk concerns
NCCMP
Trade associationSupport
Impact of frivolous litigation
North American Securities Administrators Association
Trade associationSupport
Expanding access to alternative assets
Nuovalo Ltd.
BusinessSupport
Expanding access to alternative assets
Financial risk concerns
Office of Advocacy, U.S. Small Business Administration
GovernmentSupport
Financial risk concerns
Pacific Life
BusinessSupport
Financial risk concerns
Prudential Financial, Inc.
BusinessSupport
Expanding access to alternative assets
Public Investors Advocate Bar Association
AdvocacyOppose
Private equity in 401ks
Roosevelt Institute
AdvocacyOppose
Risks of private equity and cryptocurrency
State Street Investment Management
BusinessSupport
Expanding access to alternative assets
Impact of frivolous litigation
Suttle Crossland Wealth Advisors, LLC
BusinessOppose
Private equity in 401ks
T. Rowe Price Associates, Inc.
BusinessSupport
Impact of frivolous litigation
Terra-Nova LLC of Utah
BusinessOppose
Private equity in 401ks
Risks of private equity and cryptocurrency
The Academy of Financial Education; American Federation of Teachers; Americans for Financial Reform Education Fund; Better Markets; Center for Economic and Policy Research; The Committee for the Fiduc
AdvocacyOppose
Risks of private equity and cryptocurrency
The ERISA Industry Committee
Trade associationSupport
Expanding access to alternative assets
Impact of frivolous litigation
The SPARK Institute
Trade associationSupport
Expanding access to alternative assets
Impact of frivolous litigation
1 organization-typed comment could not be identified.
Form letters
Campaigns
Organized form-letter drives, separated from organic one-off comments.
3%of comments arrived through a form-letter campaign — 566 of 16,572 comments. 15,694 are organic, and 312 are still being processed for campaign detection.
Campaign566Organic15,694Not yet determined312
Comments
Explorer
Every mirrored comment — filter by stance, campaign, or issue.
Filter:
- Jun 1, 2026Invesco Ltd.SupportBusiness📎 Attachment
Invesco Ltd. supports the proposed rule for articulating ERISA's prudence requirements in selecting designated investment alternatives for 401(k) plans. The company recommends specific clarifications to the "examples" provided in the safe harbor to ensure they are viewed as non-exhaustive, and suggests modifications to the liquidity and valuation factors to better accommodate collective investment trusts (CITs) and stable value investments.
Read comment → - Jun 1, 2026Stable Value Investment AssociationSupportTrade association📎 Attachment
The Stable Value Investment Association (SVIA) supports the proposed rule but argues that the current examples in the safe harbor are too focused on traditional mutual funds and do not adequately account for the unique liquidity, valuation, and benchmarking characteristics of stable value products. They request that the Department include specific guidance and examples for stable value investments to ensure fiduciaries can use these products with certainty and reduced litigation risk.
Read comment → - Jun 1, 2026Law Firm CoalitionSupportOther📎 Attachment
A group of law firms representing plan sponsors and investment fiduciaries supports the Department's proposed rule establishing a safe harbor for selecting designated investment alternatives. They recommend specific clarifications and additional examples to bolster the safe harbor's asset-neutral utility, clarify ongoing monitoring requirements, and ensure fiduciaries receive significant deference in litigation.
Read comment → - Jun 1, 2026Nuovalo Ltd.SupportBusiness📎 Attachment
Nuovalo Ltd, an actuarial consulting and technology provider, supports the inclusion of longevity risk-sharing pools (LRSPs) in defined contribution plans. They argue that LRSPs are a cost-efficient way to provide lifetime income and suggest specific improvements to the rule regarding design flexibility, fairness criteria, and tax treatment.
Read comment → - Jun 1, 2026Great Gray Trust CompanySupportBusiness📎 Attachment
Great Gray Trust Company supports the Department of Labor's proposed regulation but recommends specific changes to the valuation and liquidity safe harbor examples. They argue that the guidance should be investment-vehicle-agnostic, specifically accounting for the unique regulatory oversight and liquidity tools of Collective Investment Trusts (CITs) rather than imposing rules designed for mutual funds.
Read comment → - Jun 1, 2026Blockchain AssociationSupportAdvocacy📎 Attachment
The Blockchain Association, a nonprofit membership organization representing over 100 companies in the digital asset industry, supports the Department of Labor's proposed rule. They argue that the rule correctly reflects the asset-neutral nature of ERISA and provides retirement investors with the opportunity to gain exposure to the digital asset economy.
Read comment → - Jun 1, 2026Voya FinancialSupportBusiness📎 Attachment
Voya Financial, Inc., a provider of defined contribution plan recordkeeping and related services, strongly supports the Proposed Rule for its clear, process-based framework for evaluating investment alternatives. They advocate for clarifying the role of examples in the rule, ensuring liquidity standards are vehicle-agnostic, and removing the redundant "performance benchmark" factor.
Read comment → - Jun 1, 2026Federated Hermes, Inc.SupportBusiness📎 Attachment
Federated Hermes, Inc. expresses broad support for the Proposed Rule, praising its process-based approach to fiduciary prudence and its goal of reducing litigation risk while expanding access to alternative investments. However, the company requests specific clarifications regarding liquidity and valuation factors to ensure the rule is operationally workable and doesn't create unintended barriers to entry.
Read comment → - Jun 1, 2026The Capital Group Companies, Inc.SupportBusiness📎 Attachment
The Capital Group Companies, Inc. supports the Department of Labor's proposed regulation regarding fiduciary duties in selecting investment alternatives, particularly its asset-class-neutral approach. However, they argue against using the 15% illiquid investment cap from Rule 22e-4 as a default benchmark, suggesting instead that fiduciaries review each fund's specific liquidity risk management program tailored to participant demographics.
Read comment → - Jun 1, 2026Institute for Portfolio AlternativesSupportTrade association📎 Attachment
The Institute for Portfolio Alternatives (IPA) strongly supports the Department of Labor's proposed regulation regarding fiduciary duties in selecting designated investment alternatives. They advocate for an asset-class neutral framework and provide specific recommendations for additional illustrative examples regarding performance, fees, liquidity, and valuation to provide practical certainty for plan fiduciaries.
Read comment →