A Department of Labor proposed rule would let employers add private equity and other alternative assets to 401(k) plans, potentially affecting more than 90 million Americans. The exposure would likely come through target-date funds, channeling retirement savings into opaque, illiquid holdings without workers making an active choice. Recent data shows private equity returns have trailed the S&P 500, with an MSCI index of U.S. private equity funds returning an annualized 5.8% from 2022 through the third quarter of 2025, compared with 11.6% for the S&P 500. Fees are also a concern, as retail-oriented private equity evergreen funds charged a median expense ratio of 3.76%, far above the 0.40% average for equity mutual funds. Critics warn that the industry's push is supply-driven, seeking access to the $14 trillion in defined contribution accounts amid a backlog of unsold portfolio companies and declining fundraising.