Democratizing Access to Alternative Assets for 401(k) Investors

This EO directs the Department of Labor and other federal regulators to reevaluate and clarify guidance to allow fiduciaries of 401(k) and other defined-contribution retirement plans to prudently include alternative assets—such as private equity, real estate, and digital assets—in participant investment options.

• Labor
• Treasury
• SEC

Immediate, 180 days.

Secretary of Labor shall reexamine the DOL's guidance regarding a fiduciary’s duties under the Employee Retirement Income Security Act of 1974, as amended (ERISA) (29 U.S.C. 1104), in connection with making available to participants an asset allocation fund that includes investments in alternative assets (180 days); Secretary shall seek to clarify the DOL's position on alternative assets and the appropriate fiduciary process associated with offering asset allocation funds containing investments in alternative assets under ERISA (180 days).

No known legal challenges.