The US Department of Labor proposed a 401(k) rule for alternative assets in a retirement market with $10.1 trillion in plan assets. The proposal lays out how fiduciaries should evaluate private equity, private credit, and digital assets, and it offers a safe harbor for employers that follow the process carefully. The rule does not require plans to add any new investment and does not approve any specific asset class, and a 60-day public comment period opened after publication.