Democratizing Access to Alternative Assets for 401(K) Investors

The order directs federal agencies to democratize access to alternative assets for 401(k) investors. The Secretary of Labor is instructed to reexamine past and present guidance regarding a fiduciary's duties under the Employee Retirement Income Security Act of 1974 in relation to making alternative assets available to participants. The Secretary is also asked to clarify the Department of Labor's position on alternative assets and the appropriate fiduciary process associated with offering asset allocation funds containing investments in alternative assets. Both these actions are to be completed within 180 days of the order.