On August 7, 2025, the White House issued Executive Order 14330, Democratizing Access to Alternative Assets for 401(k) Investors (the Order), directing the Department of Labor (DOL) to issue guidance that facilitates investment in “alternative assets” by participants in 401(k) and other defined contribution (DC) plans. The stated goal of the Order is to give all retirement plan participants access to the same benefits of alternative investments—potentially higher returns and diversification of risk—that are already enjoyed by large investors and governmental plans.

Although many commentators have focused on the risks of allowing individuals with limited investment experience to direct their retirement savings into, say cryptocurrency, the Order is in fact both broader and narrower than that example. It is broader in that it covers plan investments not only in digital assets such as crypto, but also private equity and debt, precious metals, real estate, infrastructure projects, and lifetime income insurance products. It is narrower, however, in that the Order itself (as opposed to its statement of purpose) focuses almost exclusively on investment through an asset allocation fund, such as a target date or lifecycle fund. This article will address questions raised by the Order. READ MORE