US Labor Dept proposes rules for private assets in 401(k) plans

• —The EBSA draft requires evaluating risk-adjusted returns, fees, liquidity, valuation, benchmarks and complexity
• —Following the procedure gives a manager an "rebuttable presumption" of meeting ERISA duties
• —Georgetown's CRI: Enhanced TDFs with private assets improve retirement income by 7-8% after fees
• —Lawyers point to high fees, opaque valuation and low liquidity of private assets