On March 30, 2026, the U.S. Department of Labor (“DOL”) issued a much-anticipated proposed regulation (“Proposed Rule”) that would facilitate the inclusion of alternative assets within designated investment alternatives (“DIAs”) offered under participant-directed defined contribution plans such as 401(k) plans (“DC Plans”).
The Proposed Rule implements President Trump’s recent Executive Order (discussed here) directing
On March 20, 2026, the U.S. Department of Labor (“DOL”) published guidance (the “2026 Guidance”) that formally reinstates the DOL’s original 1975 five-part test (the “Five-Part Test”) for purposes of determining whether a person is a “fiduciary” under the U.S. Employee Retirement Income Security Act of 1974, as amended
On January 13, 2026, the Department of Labor (the “DOL”) submitted to the White House Office of Management and Budget (“OMB”) proposed rules (the “Proposed Rules”) relating to the inclusion of alternative assets (such as digital assets, private equity, private credit and real estate) within 401(k) and other defined contribution plans (collectively, “DC Plans”).
As
SEC Commissioner Mark T. Uyeda recently gave remarks in which he argued that the target date funds that are typically included in many 401(k) and other defined contribution plans may be missing out on higher returns and increased diversification by not having any exposure to private market investments.
After highlighting the potential benefits that private