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  • videocam On-Demand Webinar
  • signal_cellular_alt Intermediate
  • card_travel ERISA
  • schedule 90 minutes

New Executive Order on Alternative Investments for 401(k) Plans

Fiduciary Considerations, Compliance Issues, Private Equity, Cryptocurrency, and More

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Discount expires 2/4/26

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About the Course

Introduction

This CLE course will provide ERISA counsel an in-depth analysis of the impact of the recently issued Executive Order for 401(k) plan investments in private equity, cryptocurrency, and other alternative assets. The panel will discuss the current regulatory framework, fiduciary issues, and transaction risks associated with ERISA plan investments in alternative assets. The panel will also discuss ERISA compliance and rules for plan investments, exposure to fiduciaries, transaction and security risks, and best practices for ERISA counsel, fund managers, and advisers.

Description

The recent Executive Order for 401(k) plan investments in alternative assets may cause heightened compliance and valuation issues for corporate plans. In light of the Executive Order, plans that invest in alternatives must focus on properly vetting asset managers more than ever—or risk claims of poor governance and excessive risk-taking.

On Aug. 7, 2025, President Trump issued an Executive Order directing regulators to expand access to alternative assets in 401(k) plans. It provides a broader definition of "alternative assets," which includes private equity and digital assets. Asset managers are urged to pay close attention to the needs of ERISA fiduciaries for both business development and risk management purposes in light of the Executive Order.

Lawsuits and enforcement actions against asset managers are likely to increase with the expansion of available assets. Counsel must fully grasp and guide hedge fund and private equity fund manager clients on full compliance with the duties of ERISA fiduciaries to plan participants.

Listen as our ERISA-experienced panel of benefits counsel and governance professionals provides an in-depth analysis of the Executive Order and the legal and investment landmines that can destroy portfolio values and expose institutional investors and fund managers to liability risks. The panel will review new ERISA considerations for 2025 and beyond and outline best practices for implementing effective due diligence procedures.

Presented By

David Kaleda
Partner
Eversheds Sutherland LLP

Mr. Kaleda's broad range of experience includes handling fiduciary matters impacting plan sponsors, investment and other fiduciary committees, investment managers/advisors, recordkeepers, broker-dealers, banks and other financial services firms. He advises clients on the avoidance and resolution of prohibited transaction issues, the structuring of alternative investment funds, and day-to-day compliance issues arising under ERISA and the Internal Revenue Code. Mr. Kaleda also counsels clients on compliance with the Department of Labor’s final “investment advice” regulation and related exemptions. 

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David C. Olstein
Partner
Hogan Lovells

Mr. Olstein’s practice focuses on the fiduciary responsibility provisions of ERISA and the prohibited transaction excise tax provisions of the Internal Revenue Code. He has an extensive background advising financial institutions, plan sponsors, and investment committees on ERISA matters, including compliance with ERISA’s fiduciary duty and prohibited transaction rules, in connection with the investment of pension plan assets. Mr. Olstein regularly advises fund sponsors on the application of ERISA’s “plan asset” rules as they relate to the establishment and operation of private investment funds. From representing issuers and underwriters in connection with marketing securities to investors, to advising plan sponsors and independent fiduciaries in connection with the selection of annuity providers, he offers substantial experience at the intersection of ERISA and fiduciary responsibility. Mr. Olstein is an active member of the American Bar Association’s Section of Taxation and the New York City Bar Associati

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Alexander P. Ryan
Partner
Willkie Farr & Gallagher, LLP

Mr. Ryan is a partner in the Executive Compensation & Employee Benefits Department, specializing in ERISA Title I matters. He advises plan sponsors and plan service providers with respect to a range of fiduciary issues arising under ERISA and the Internal Revenue Code, including Department of Labor guidance and regulations. Mr. Ryan's work focuses on a variety of investment-related matters, including issues arising under the fiduciary and prohibited transaction provisions of ERISA related to the structure, design, and implementation of various investment products, such as private equity, real estate, hedge funds, commodity and real assets funds, and many others. He has substantial experience applying ERISA’s prohibited transaction rules to these types of investment products. In addition to his transactional work, he represents clients in DOL enforcement actions and investigations. Mr. Ryan has been recognized as a leading lawyer in Chambers USA (2023) for Employee Benefits & Executive Compensation (District of Columbia).

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Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.


  • Live Online


    On Demand

Date + Time

  • event

    Tuesday, May 19, 2026

  • schedule

    1:00 p.m. ET./10:00 a.m. PT

I. Executive Order on 401(k) plan investments

II. ERISA fiduciary duties for institutional investors

A. Hedge funds and PE funds compared to traditional investments

III. Regulatory developments

IV. Fee disclosure

V. Compliance

A. Valuation

VI. Developments in private litigation involving pension plan fiduciaries and alternative fund managers

VII. Best practices for developing due diligence plans

The panel will review these and other key issues:

  • What are the key issues that arise for plan sponsors and advisers in light of the Executive Order for 401(k) plans?
  • What are the regulatory concerns for ERISA pension plans that allocate assets to hedge funds and private equity funds?
  • What are the potential consequences for service providers that fail to comply with fee, valuation, and service provider due diligence regulatory and industry guidelines?
  • What can counsel to pension plans and asset managers learn from recent private fund suits relating to collateral, risk-taking, pricing, insider trading, and much more?