Introduction In September 2025, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) issued Advisory Opinion 2025-04A While framed as clarifying fiduciary duties under ERISA’s Qualified Default Investment Alternative (QDIA) regulation, the opinion appears instead to function as a multi-billion-dollar subsidy to insurance companies and private equity managers.¹ By providing supposed  legal cover for … Continue reading DOL Advisory 2025-04A: A Multi-Billion Dollar Gift to the Private Equity and Insurance Industry