The U.S. Department of Labor has published a draft rule on including alternative investments in retirement plans, including 401(k)s. Once approved, it would create a kind of “safe harbor” for operators who are in no rush to take advantage of the change, despite President Donald Trump’s directive.
In August 2025, U.S. President Donald Trump signed an executive order to include private equity, real estate, cryptocurrency, and other “alternative investments” in retirement plans. As the White House noted, this will give Americans more options to diversify their savings.
Even though the order was signed, implementing the new rules took time. In late March 2026, reports emerged that the initiative cleared a key approval stage. Next comes the direct amendment of existing regulations.
As part of this process, the Department of Labor published its draft of the new rules. After the public comment period, which will last 60 days, it will be adopted. This will provide legal protection for retirement plan operators and clarify the process itself.
“The days of the Department picking winners and losers are over. Our rule clearly establishes that fiduciaries must evaluate all potential product offerings by following a prudent process,” said Deputy Secretary of Labor Keith Sonderling.
He said the new draft rule is explicitly “neutral in nature,” without singling out any particular type of asset. Operators will assess them on their own, based on several factors: returns, fees, liquidity, valuation, performance benchmarks, and complexity.
However, experts believe that a draft of the new rules alone is not enough to prompt pension plan managers to make a rapid shift. The sticking point is the threat of lawsuits.
“Nevertheless, we remain skeptical that this will encourage fiduciaries to include alternatives in 401(k) plans until courts confirm that this language protects advisers from lawsuits. That means it could take several years before we see any real impact from this proposal,” Jaret Seiberg, an analyst at TD Cowen Washington Research Group, told CNN in a comment.
According to Investment Company Institute data, as of the end of 2025, assets held in 401(k) plans alone totaled $10.1 trillion. Adding crypto assets to the list of available investments could unlock these funds, bringing an influx of liquidity into the sector.
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