The Department of Labor (DOL) issued an information letter (Information Letter) relating to the Employee Retirement Income Security Act of 1974 (ERISA) and the inclusion of PE investments in defined contribution plans (e.g., 401(k) plans). In addition, the DOL’s amendments to investment duties under ERISA (Final Rule) became effective on January 12, 2021, and include guidance on how ERISA’s fiduciary responsibility rules and principles apply to using non-pecuniary criteria (e.g., environmental, social and corporate governance (ESG) factors) in investment decisions. Strafford CLE Webinars recently hosted a program examining the Final Rule and Information Letter which featured Jeffrey A. Lieberman, counsel at Skadden, as well as Stroock partners David C. Olstein and Eric Requenez. This article details the DOL’s stance on including PE investments in 401(k) plans and provides context for the Final Rule on ESG investing. For further commentary from Skadden, see our two-part series on an ACA program “Federal Pay to Play Rules” (Feb. 14, 2019); and “State and Local Pay to Play Rules; Traps for the Unwary; and Compliance” (Feb. 21, 2019).