Overview

• The executive order gives agencies a 180-day deadline to reexamine ERISA fiduciary rules and propose guidance or rule changes without immediately altering existing plan regulations.
• It instructs the DOL, SEC and Treasury to consider a broad suite of alternative assets—including private equity, private credit, real estate, commodities, managed crypto vehicles, infrastructure and longevity products—for inclusion in 401(k) menus.
• Industry participants have already begun planning lower-fee, liquid wrappers and recorded initial inflows into crypto ETFs, signaling early market enthusiasm despite legal and operational uncertainties.
• Broad availability of alternative-asset options will depend on formal agency guidance, the completion of notice-and-comment rulemaking and the development of compliant products, with most rollout expected in 2026.
• Supporters say the move could democratize higher-return diversification long reserved for institutions, while critics warn of heightened fees, illiquidity, valuation opacity and increased litigation risks for plan sponsors.