This executive order directs the secretary of labor to reexamine the Department of Labor’s (DOL) past and present positions regarding the fiduciary duties under ERISA with respect to employer-sponsored defined contribution plans. In particular, the secretary of labor is directed to reexamine whether those plans should be allowed to invest in alternative assets, which include private market investments (equity, debt or other financial instruments not traded on public exchanges), real estate, digital assets, commodities, projects, financing infrastructure development and lifetime income investment strategies including longevity risk-sharing pools. Within 180 days of Aug. 7, 2025, the secretary of labor shall seek to clarify the position of the DOL on alternative assets and the appropriate fiduciary process and criteria associated with offering asset allocation funds containing investments in alternative assets. The order also directs the secretary of labor to consult with the secretary of treasury, the SEC and other federal regulators as necessary to carry out the policy objective of the order.