While the Board supports economic development for the State of Maryland, the Board is also acutely aware of its fiduciary responsibilities. Commentary explaining recent DOL guidance on the use of private equity in defined contribution plans, and why plan sponsors should wait.Under the final regulations, MEWAs and ECEs will incur costs to fill out and electronically file the. Form M-1 and Form 5500. Johnny Isakson (RGA), would amend ERISA to establish a statutory definition of "investment advice" under the applicable fiduciary provisions. Self-directed 401k falls under federal code (ERISA) and 401k anti-alienation protection. 401k retirement assets are shielded from creditors in Maryland. Often the concerns of these stakeholders stemmed from the trend of private equity involvement in the insurance and annuity market. Some. Find answers to frequently asked questions about employee benefit plan audits, including welfare audit requirements and ERISA audit questions. As it stands now, ERISA does not ban investment in alternative asset classes, and so this amendment would not actually the change the law.