An August 2025 Executive Order directs the Department of Labor (DOL), Treasury, and the SEC to “clear the path” for alternative assets—including private equity, private credit/real estate, and cryptocurrency—to be offered in participant-directed defined contribution plans (e.g., 401(k)s). NPR’s coverage frames this as a significant potential expansion of the traditional stock/bond lineup in U.S. retirement plans.

While the Order signals policy intent, it does not alter ERISA’s core fiduciary standards. Plan sponsors and committees considering alternatives will still be judged under the duty of prudence and loyalty, with ongoing monitoring obligations recognized by the U.S. Supreme Court in Tibble v. Edison International (2015) and Hughes v. Northwestern University (2022).

Recent DOL acti

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