Overview

• President Donald Trump’s August 7 executive order directs the Labor Department, Treasury and SEC to revisit ERISA guidance and consider rules or safe harbors for adding alternative assets to 401(k) menus.
• The review window is 180 days, with potential action that could include rescinding the 2021 supplemental private‑equity statement and clarifying how fiduciaries may evaluate such options.
• “Alternative assets” in scope include private equity and private debt, real estate interests, digital assets such as cryptocurrencies, commodities, infrastructure investments and certain lifetime‑income strategies.
• A new Boldin survey reported by Investopedia found only 34% support inclusion of alternatives, nearly half oppose it, about 80% say they are not likely to opt in and roughly 70% believe providers would benefit more than savers.
• Industry preparation is underway, with JD Supra reporting that BlackRock plans to add private assets to retirement products once the Labor Department outlines implementation, while prior DOL cautions on crypto and private equity remain relevant.