The Alternative Investment Management Association (AIMA), the world’s largest association for alternative investment managers, and its Alternative Credit Council (ACC) welcomes the U.S. Department of Labor's proposed rule clarifying fiduciary standards for the inclusion of alternative assets in 401(k) and other retirement plans. The proposal, which cleared White House review on March 24, and was released today on their website.

The proposed rule responds to President Trump's August 2025 Executive Order directing the Department of Labor to reduce regulatory burdens and litigation risk that have constrained fiduciaries' ability to offer participants meaningful access to alternative investments, including private credit, real estate, infrastructure, and other private market investments.

AIMA and the ACC have long advocated for a regulatory framework that empowers professional investment fiduciaries to act in the best long-term interests of retirement savers — including through access to the diversification benefits and return potential of alternative asset classes. The absence of clear DOL guidance has, for too long, exposed plan sponsors and investment committees to the threat of vexatious litigation, deterring prudent allocation decisions that would better serve retirees over time.

Jack Inglis, CEO of AIMA, said: "We strongly welcome the Department of Labor's proposed rule and the administration's commitment to removing the threat of opportunistic litigation that has prevented fiduciaries from investing in ways that best meet the long-term needs of retirees. Professional investment managers operating under an ERISA fiduciary duty are well-positioned to evaluate and implement alternative asset allocations responsibly. Clear safe harbor guidance will finally allow them to do their jobs — in the interests of the millions of working Americans whose retirement security depends on optimal portfolio construction."

AIMA and the ACC look forward to reviewing the proposed rule in detail and to engaging constructively during the public comment period. Our members — including leading private credit managers, alternative investment advisers, and institutional asset managers — bring deep experience in the governance, valuation, and risk management practices that are central to the responsible inclusion of alternative assets in retirement portfolios.

Diversification is a foundational principle of sound retirement investing. Workers and retirees deserve access to the same asset classes available to institutional investors and public pension funds, subject to appropriate fiduciary oversight. Today's regulatory development is an important step toward that goal.