Overview

• The Department of Labor revoked its 2021 supplemental statement cautioning against private equity in defined-contribution plans and began the executive order’s mandated 180‑day review of ERISA guidance.
• The Securities and Exchange Commission has been asked to ease retail access rules, and, according to reporting, issued ADI 2025‑16 ending a 15% cap on private investments in registered closed‑end funds.
• The order defines alternative assets broadly to include private market investments, real estate, digital assets, commodities, infrastructure and lifetime‑income strategies.
• Financial advisors warn that alternatives tend to be illiquid, complex and higher‑fee, suggesting most savers stick to core stock and bond options and expect gradual implementation rather than immediate changes.
• Asset managers and private‑market firms are developing 401(k)‑compatible products to tap the roughly $12 trillion DC market, while ERISA litigators signal they may challenge any safe harbors that curb participant lawsuits.