AXIOS (Dan Primack) - Private equity's next step into 401(k)s
The Trump administration yesterday took a giant step toward allowing alternative assets in 401(k) plans, with the Department of Labor proposing rules that now will be open for two months of public comment. The big picture: Pay more attention to the actual rule than to the press release . - The former focuses primarily on process, including the use of benchmarks. The terms "prudent" or "prudently" are mentioned 105 times. It makes no claim that adding private equity or crypto to a 401(k) will improve performance. - The latter does a lot more cheerleading for "President Trump's promise for a new golden age," although it does cite "prudent process" near the end. What they're saying: "I'm surprised by how neutral the rule was, when you…