David Kaleda has more than two decades of experience advising financial services and insurance firms on complex ERISA Title I matters, with a focus on fiduciary compliance, investment structures and regulatory strategy.
David counsels plan sponsors, investment managers, insurers, broker-dealers, banks, recordkeepers and other financial institutions on a wide range of ERISA and Internal Revenue Code issues. His practice includes advising on fiduciary obligations, prohibited transaction rules and the structuring of alternative investment vehicles, such as plan asset funds, real estate operating companies (REOCs) and venture capital operating companies (VCOCs). He regularly assists clients in navigating Department of Labor regulations, including obtaining advisory opinions and exemptions.
David is widely recognized in the ERISA and financial services communities for his thought leadership. He has authored a bimonthly “Compliance Consult” column for PlanAdviser magazine and contributes frequently to publications, such as The Investment Lawyer, Employee Benefit News and Plan Sponsor Magazine. He is a sought-after speaker on fiduciary and regulatory topics and has been quoted in leading industry outlets including on Wall Street and Financial Adviser.
Prior to joining Eversheds Sutherland, David was a principal at a leading benefits boutique law firm and previously a partner at a major AmLaw 100 firm. He also served as an ERISA compliance consultant and in-house counsel at a global financial services firm. From 2012 to 2014, he was a member of the U.S. Department of Labor’s ERISA Advisory Council.- • Investing Your 401(k) Plan in Alternative Assets: The Latest from Washington, DC, April 29, 2026, Employee Benefits Institute of Kansas City 2026 Annual Conference
- DOL Proposed Regulation: “Fiduciary Duties In Selecting Designated Investment Alternatives,” April 14, 2026, In-House Benefits Counsel Network (IBCN) Retirement & Executive Compensation Call
- Democratizing access to alternative assets: DOL proposes “safe harbor” under ERISA for 401(k) plans investing in “Alts”, April 7, 2026, Eversheds Sutherland Webinar
- Alternative Assets, February 26, 2026, Joint TE/GE Council Employee Plans Annual Meeting
- 2026 Compliance Readiness: Expect More, Prepare Smarter, November 20, 2025, InvestorCOM Webinar
- Current ERISA and Department of Labor Regulatory and Litigation Developments, November 13, 2025, ALI CLE Life Insurance Company Products 2025 Conference
- Alternative Investments, Digital Assets, and ESG in ERISA Plans: What Comes Next?, November 10, 2025, LawPracticeCLE Webinar
- Current Themes in the Broader Retirement and Investment Funds Market, October 15, 2025, Eversheds Sutherland CCIT Annual Meeting
- New Product Frontiers: Lifetime Income and Alternative Investments, October 15, 2025, Eversheds Sutherland CCIT Annual Meeting
- Regulatory and Legislative Update, October 15, 2025, Eversheds Sutherland CCIT Annual Meeting
- Structuring Alternatives for Retailization, October 8, 2025, Eversheds Sutherland 22nd Annual BDC Roundtable
- Private Markets in the 401(k): Navigating the New Rules, September 16, 2025, ADISA webinar
- DOL Withdrawal of Biden-Era Guidance for Retirement Plan Investments: Private Equity, Cryptocurrency, and ESG Investing, August 26, 2025, Strafford CLE webinar
- Keeping you dialed in: A quick call on the White House's Executive Order on Democratizing Access for Alternative Assets to 401(k) Investors, August 19, 2025, Eversheds Sutherland webcast
- CITs 2025: The Current Landscape, July 22, 2025, Eversheds Sutherland webcast
- Hot topics in employee benefits: Summer 2025 updates, June 24, 2025, Eversheds Sutherland webcast
- Secretary of Labor’s ERISA Advisory Council (2012–2014)
- The Legal 500 US – Employee Benefits and Executive Compensation (2014, 2016)
- Best Lawyers – Employee Benefits (ERISA) Law (2014–2026)
- Super Lawyers – Employee Benefits (2016–2020)
- Member, National Society of Compliance Professionals
- Editorial Board Member, The Investment Lawyer
- District of Columbia
- New Jersey
- Pennsylvania
- LL.M., Villanova University School of Law
- J.D., Duquesne University School of Law
- B.A., The College of New Jersey