NEPC’s Mike Contorno is quoted in Pensions & Investments discussing the Department of Labor’s proposed rule to expand access to private markets in defined contribution plans, and its implications for record keepers, asset managers, and plan sponsors. Read the full article on the Pensions & Investments website.
The proposed Department of Labor rule on private market investments in DC plans won’t have much impact on record keepers, according to some industry experts, but record-keeping executives say they will need time to review the 56 pages of fine print published in the Federal Register before making official comments.
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“Most record keepers can already administer these strategies within existing platforms when packaged appropriately,” said Michael Contorno principal and head of DC vendor management at the NEPC consulting firm, referring to liquidity and daily net asset value.
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Even though the DOL safe harbor proposal “reduces fiduciary uncertainty,” the heavy lifting belongs to asset managers, who must solve for things like liquidity, daily net asset valuation and cost “particularly in a DC system built on daily liquidity,” Contorno said.
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