White House Clears DOL Rule on 401(k) Alts Access for Public Comment
The White House has cleared a proposed U.S. Department of Labor rule that would clarify how retirement plan fiduciaries may incorporate alternative investments into 401(k) plans, advancing the measure toward a public comment period. The Office of Information and Regulatory Affairs concluded its formal review late Tuesday.
With the interagency review complete, the DOL’s Employee Benefits Security Administration is expected to publish the January 2026 proposal for a 60-day public comment period. The comment phase allows industry stakeholders to evaluate the agency’s approach to fiduciary responsibilities before the rule is finalized.
The proposal, Fiduciary Duties in Selecting Designated Investment Alternatives, stems from an executive order issued by President Trump last August. The directive aimed to expand 401(k) participant access to asset classes used by institutional investors, including private equity, private debt, private credit, infrastructure, digital assets and lifetime income solutions.
A primary goal of the proposed rule is to provide plan sponsors with clearer legal protections. Many plan sponsors currently avoid including alternative assets in retirement plans out of concern that such offerings could expose them to participant litigation over investment performance or fee structures. By refining the Employee Retirement Income Security Act of 1974 fiduciary guidelines, the administration seeks to reduce litigation risk that critics say discourages broader investment options.
If implemented, the rule would reshape the regulatory environment for the estimated $12 trillion 401(k) market.
The measure follows the rescission of a 2021 supplemental statement on private equity, further aligning DOL policy with the goal of broadening investment options for retirement savers.
It also complements the U.S. Securities and Exchange Commission’s recent clarification on the application of federal securities laws to digital assets. The SEC guidance, offered last week, seeks to resolve more than a decade of regulatory uncertainty by sorting crypto assets into two primary categories: tokenized securities and non-security crypto assets.
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