Overview

• On August 12, the Department of Labor withdrew its December 2021 supplemental guidance that had limited private-equity options in 401(k) menus.
• Agencies have 180 days to propose ERISA guidance, safe-harbor frameworks and SEC rule revisions under the executive order’s timeline.
• The order directs the DOL to clarify fiduciary duties by balancing higher fees and illiquidity against potential diversification and return benefits.
• The SEC has been tasked with reviewing accredited investor and qualified purchaser standards to ease retirement-plan access to private-market and digital-asset vehicles.
• Actual inclusion of alternative assets in defined-contribution plans depends on forthcoming agency rulemakings, notice-and-comment processes and operational approvals into early 2026.