Brad Campbell Discusses Push to Extend 401(k) Rule Comment Deadline With Ignites

Benefits and executive compensation partner Brad Campbell spoke to Ignites about a recent push for the Department of Labor to extend its 401(k) comment deadline. 

A number of retirement and investor advocacy groups have pushed the DOL to give the public more time to comment on the proposed rule, the article noted. The rule would provide legal protection for plan sponsors that incorporate private assets into 401(k)s. Campbell noted that the DOL is under no legal obligation to extend the comment period, though he added the DOL has extended comment periods beyond 60 days in the past with rulemakings that required significant factual inquiries or that materially changed compliance burdens and current conduct.

"The proposed safe harbor is a 'new' structure, but it is constructed of 'old' and long-understood principles," Campbell said. "If DOL does choose to extend the comment period, it will be simply to accommodate these requests, not because it must under past precedent or regulatory requirements.”