Each April, National Employee Benefits Day provides an opportunity to reflect on the rapidly shifting landscape of employer‑sponsored benefits.
From implementing new tax laws, a flurry of executive orders with implications for both retirement and welfare plans, updated agency guidance, increased litigation and enforcement activity, and updates to longstanding requirements, plan fiduciaries
Introduction
On August 7, 2025, President Donald J. Trump issued an Executive Order designed to broaden access to alternative investments, such as private equity, commodities, real estate, and certain digital assets, for participants in 401(k) and other defined contribution retirement plans. The initiative is framed as an effort to “democratize” investment opportunities that were historically