The Department of Labor’s Employee Benefits Security Administration has issued a proposed regulation clarifying the fiduciary duty of prudence under ERISA Section 404(a)(1)(B) in connection with selecting designated investment alternatives for participant-directed individual account plans. While designed to provide investment fiduciaries with increased flexibilities to consider adding alternative assets to their investment menus, the proposal will also compound the complexity of the investment review process and saddle fiduciaries with increased diligence responsibilities. We encourage ERISA fiduciaries to reach out to qualified ERISA counsel to review their existing procedures in light of the proposal and the proliferation of alternative assets.