AIC Applauds DOL for Expanding Americans’ Options to Strengthen Their Retirements
Washington, D.C. – Today, American Investment Council (AIC) CEO Will Dunham released the following statement on the Department of Labor’s (DOL) proposed rule on the inclusion of alternative assets, including private equity and private credit, in 401(k) plans:
“Private investment has delivered strong, stable returns and provided diversification for public pension funds for decades; everyday savers should be able to enjoy those benefits, too. This proposed rule provides regulatory clarity that will give millions of workers with 401(k)s more choices and more control over their financial futures. We applaud President Trump and the Department of Labor for working to strengthen and secure American retirements.”
The DOL proposed rule follows an Executive Order (EO) signed by President Trump in August 2025 to democratize access to alternative assets for 401(k) investors. The EO directed the Department of Labor to clarify its position on alternative assets and the appropriate fiduciary process associated with them under applicable law.
You can read AIC’s statement on the EO here.
Expanding Access to Dynamic, High-Growth Private Companies
Today, there are half as many publicly traded companies in the U.S. as there were in the 1990s and more companies are choosing to remain private longer. In fact, 87 percent of companies with revenue of $100 million or more a year are currently private.
With much of today’s growth and value creation sitting outside public markets, 401(k) savers have been unable to benefit from it.
According to research from the Georgetown Center for Retirement Initiatives (GCRI), incorporating private investments into diversified retirement portfolios would have yielded a 6-8 percent improvement in performance. In another study, GCRI estimated private investment would have netted $2,400 in additional annual retirement income for the average saver.
Delivering Consistent, Robust Returns for Millions of Savers
Private equity and private credit consistently outperform public equity and credit over the long term, even after fees. A December 2025 report from AIC found private equity historically generated the highest returns of any popular asset class over 5-, 10-, 15-, and 20- year periods, including beating the S&P 500. And because private investment behaves differently than public markets, it serves to enhance portfolio diversification during periods of market volatility.
Public pension funds, large institutions, and the ultrawealthy have relied on private investment for strong, stable returns and diversification for decades. More than 89 percent of public pension funds invest a portion of their portfolio in private equity, and these returns have benefited nearly 35 million public servants.
Americans with 401(k)s will soon be able to benefit from access to the same investment options that help protect retirements for America’s teachers, first responders, and public servants.
The American Investment Council supports the Trump Administration’s and Department of Labor’s work to give Americans more choices and more control over their retirement savings and financial futures.
###
