Retirement agencies would review access to alternative investments

The Labor Secretary must review existing guidance and may rescind a 2021 statement, then clarify or propose rules about fiduciary duties. This covers asset-allocation funds in ERISA-governed defined-contribution plans that include private markets, real estate, digital-asset funds, commodities, infrastructure projects, or lifetime-income strategies. Any changes must follow applicable law. The Secretary must weigh potentially higher costs against possible long-term returns and broader diversification. Proposed safe harbors may address fiduciaries' duties, but the order does not require any retirement plan to offer these investments. The review and clarification or proposed rules must occur within 180 days after August 7, 2025.

The SEC must consider ways to facilitate access to alternative investments and may revise related investor-eligibility rules or guidance. This applies to participant-directed defined-contribution retirement savings plans and may involve accredited-investor or qualified-purchaser standards. The SEC must consult with the Labor Secretary. Any action must follow applicable law and available funding. The order calls for consideration, not a required final rule or guaranteed access for savers.