MFDF Files Comment Letter in Response to DOL Proposal

On June 1, MFDF submitted comments to the Department of Labor (“DOL”) in response to the agency’s proposed rulemaking “Fiduciary Duties in Selecting Designated Investment Alternatives.” The proposal creates a “process-based safe harbor,” which names six factors that fiduciaries must thoroughly consider and determine when selecting alternatives. The non-exhaustive list of factors include: performance, fees, liquidity, valuation, performance benchmarks, and complexity. The proposal was in response to President Donald J Trump’s Executive Order “Democratizing Access to Alternative Assets for 401(k) Investors” which was executed on August 7, 2025. The Executive Order, in part, directed the DOL and Securities and Exchange Commission (SEC) to facilitate access to investments in alternative assets in defined-contribution retirement savings plans. 

MFDF’s comment letter focuses on the important role independent fund directors serve in the registered fund space. Specifically, MFDF’s letter highlights the similarities between the DOL’s proposed six-factors and the areas independent fund directors consider on an on-going basis in their oversight of all funds, including those that employ alternative strategies. In addition, MFDF’s letter notes that the registered fund wrapper aligns well with the six factors the DOL identified. 

Click here to read MFDF’s Comment Letter. 

Click here to read the April 8, 2026 MFDF blog post covering the DOL’s proposal “Fiduciary Duties in Selecting Designated Investment Alternatives.”