On August 12, the U.S. Department of Labor’s Employee Benefits Security Administration rescinded guidance from December 2021 that discouraged fiduciaries from considering alternative assets in the list of investment options offered for 401(k) retirement plans. The decision to rescind the prior guidance follows President Trump’s Executive Order 14330, “Democratizing Access to Alternative Assets for 401(k) Investors,” which directs the DOL to reexamine its approach to fiduciary decisions and ensure that asset allocation funds, including alternative asset investments, are available for investment. The Employee Benefits Security Administration stated that fiduciaries should evaluate investment options based on all relevant facts and circumstances, consistent with the requirements of ERISA, and that the department should not single out specific investments or strategies for additional scrutiny.