Will the Trump Administration Re-‘Order’ 401(k) Plan ‘Alternatives’?: Part 1

In August 2025, President Trump issued an Executive Order intending to expand access to alternative assets (such as private equity, real estate, private credit and digital assets) in defined-contribution plans (such as 401(k) plans) governed by the Employee Retirement Income Security Act of 1974, by attempting to address “regulatory overreach” and “litigation risks” that have limited the offering of alternative assets in such plans.

Dechert partner Steven Rabitz has authored a comprehensive discussion concerning the challenges imposed across multiple legal regimes and the potential opportunities associated with 401(k) plan access to alternative strategies such as private credit, private equity and hedge funds. The first installment appears in the December 2025 issue of The Investment Lawyer.