Original Title: DEMOCRATIZING ACCESS TO ALTERNATIVE ASSETS FOR 401(K) INVESTORS
Original Source: The White House
Original Compilation: Golden Finance
By the authority vested in me as President by the Constitution and the laws of the United States, I hereby order:
Section 1: Purpose. Many wealthy Americans and government employees participating in public pension plans can invest in a variety of alternative assets or benefit from these investments. However, despite over 90 million Americans participating in employer-sponsored defined contribution plans, the vast majority of these investors do not have the opportunity to directly or through their retirement plans participate in the potential growth and diversification opportunities that alternative asset investments can provide.
Trustees of 401(k) plans and other defined contribution retirement plans must carefully review and consider all aspects of private placement products, including the capabilities, experience, and effectiveness of investment managers in managing alternative asset investments. They do this to protect the retirement accounts of Americans under their management and to fulfill their fiduciary duty of prudent and secure investing.
During my first term, my administration issued a 2020 information letter acknowledging that prudent federal action can encourage the promotion of investment strategies, whereby a portion of retirement plan participants' interests is allocated to alternative assets, similar to the situation of institutional investors.
However, the cumbersome lawsuits attempting to challenge the reasonable decisions of loyal and regulated fiduciaries, along with the stifling Department of Labor guidance issued since my first term, have deprived millions of Americans of the opportunity to benefit from alternative asset investments. Such assets are increasingly represented in the portfolios of public pensions and fixed-income retirement plans, providing not only competitive returns but also opportunities for diversified investments.
The combination of excessive regulatory intervention and lawsuits from opportunistic litigators has stifled investment innovation, resulting in most participants in 401(k) plans and other defined contribution retirement plans being limited to investing in asset classes that yield long-term net returns far below those available to public pension funds and other institutional investors.
My administration will alleviate the regulatory burdens and litigation risks that hinder American workers' retirement accounts from achieving competitive returns and asset diversification, which are essential for ensuring a dignified and comfortable retirement.
Section 2: Strategy. It is the policy of the United States that every American preparing for retirement should have the opportunity to access funds that include alternative asset investments, provided that the relevant plan fiduciaries determine that such opportunities can offer appropriate chances for plan participants and beneficiaries to enhance their risk-adjusted net returns on retirement assets.
Section 3: Democratizing Access to Alternative Assets. (a) For the purposes of this order, the term "alternative assets" refers to:
(i) Private market investments, including direct and indirect interests in equity, debt, or other financial instruments not traded on public exchanges, including investments where the managers (as applicable) seek to play an active role in the management of these companies;
(ii) Direct or indirect real estate interests, including debt instruments secured by direct or indirect real estate interests;
(iii) Actively managed investment vehicles holding investments in digital assets;
(iv) Direct and indirect commodity investments;
(v) Direct and indirect interests in infrastructure financing projects; and
(vi) Lifetime income investment strategies, including longevity risk-sharing pooled funds.
(b) Within 180 days of the issuance of this order, the Secretary of Labor (hereinafter referred to as "the Secretary") shall re-examine past and present Department of Labor guidance regarding fiduciaries' obligations under the Employee Retirement Income Security Act of 1974 (as amended, 29 USC 1104) related to providing participants with asset allocation funds that include alternative asset investments. In conducting this re-examination, the Secretary shall consider whether to rescind the Department of Labor's "Supplemental Private Equity Statement" issued on December 21, 2021.
(c) Within 180 days of the issuance of this order, the Secretary shall further seek to clarify the Department of Labor's position on alternative assets and the appropriate fiduciary processes related to providing asset allocation funds that include alternative asset investments under the Employee Retirement Income Security Act (ERISA), as deemed appropriate and consistent with applicable law. Such clarifications must aim to determine the standards fiduciaries should use to prudently balance potential higher expenses against the goal of seeking higher long-term net returns and broader investment diversification. The Secretary shall also propose rules, regulations, or guidance, as deemed appropriate, to clarify the obligations of fiduciaries under ERISA when deciding whether to offer asset allocation funds that include alternative asset investments to plan participants, which may include appropriately calibrated safe harbor provisions. In executing the directives in this section to further implement the policies set forth in this order, the Secretary shall prioritize actions to curb ERISA litigation that limits fiduciaries' ability to use their best judgment in providing investment opportunities to relevant plan participants.
(d) In executing the directives in this section, the Secretary shall consult with the Secretary of the Treasury, the Securities and Exchange Commission (SEC), and other federal regulatory agencies as necessary to achieve the policy objectives of this order, including parallel regulatory changes that other federal regulatory agencies may incorporate.
(e) The SEC shall consult with the Secretary to consider how to facilitate investment in alternative assets for participants in participant-directed defined contribution retirement savings plans (PDS). Such facilitation measures may include, but are not limited to, considering revisions to existing SEC regulations and guidance related to accredited investors (ADS) and qualified purchasers (QPI) to achieve the policy objectives of this executive order.
Section 4: General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:
(i) The authority granted by law to the executive departments or agencies or their heads; or
(ii) The functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
(c) This order is not intended to, and shall not, create any substantive or procedural rights or benefits enforceable by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
(d) The costs of implementing this order shall be borne by the Department of Labor.
Donald J. Trump
The White House
August 7, 2025
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