Cleary Gottlieb Co-Authors Public Comment Letter Regarding the DOL’s Proposed 401(k) Safe Harbor

Cleary Gottlieb joined a coalition of leading law firms in submitting a public comment to the Department of Labor in response to its proposed rule providing a safe harbor for 401(k) fiduciaries selecting designated investment alternatives, including those with exposure to private equity and other alternative assets.

The comment letter recommends clarifications and examples to strengthen the safe harbor’s utility, provide fiduciaries with greater certainty and predictability, and help ensure the rule operates effectively across a range of different investment alternatives and structures.

Elizabeth Dyer and John Mahon contributed to the comment on behalf of Cleary Gottlieb. The comment was co-authored with Davis Polk & Wardwell, Debevoise & Plimpton, Kirkland & Ellis, Latham & Watkins, Ropes & Gray, and Simpson Thacher & Bartlett.