Executive Order Expands Access To Alternative Assets For 401(k) Plans

In August 2025, President Trump signed an executive order, "Democratizing Access to Alternative Assets for 401(k) Investors" (the Order), which directs federal agencies to reexamine and clarify regulatory guidance to help facilitate access to alternative assets for participant-directed defined-contribution retirement savings plans (DC Plans). The Order defines "alternative assets" broadly to include private market investments, real estate, digital assets, commodities, infrastructure development financing and lifetime income strategies.

The intent of the Order is to "relieve the regulatory burdens and litigation risk that impede American workers' retirement accounts from achieving the competitive returns and asset diversification necessary to secure a dignified, comfortable retirement." The Order further provides that it is the policy of the United States that every American planning for retirement have access to funds that include investments in alternative