This action implements Executive Order 14330 (Aug. 2, 2025), titled Democratizing Access to Alternative Assets for 401(k) Investors, 90 FR 3891 (Aug. 12, 2025), which directs the Secretary of Labor, within 180 days of the date of the order, to clarify, as she deems appropriate and consistent with applicable law, the Department of Labor's position on alternative assets and the appropriate fiduciary process associated with offering asset allocation funds containing investments in alternative assets under the Employee Retirement Income Security Act (ERISA). Such clarification must aim to identify the criteria that fiduciaries should use to prudently balance potentially higher expenses against the objectives of seeking greater long-term net returns and broader diversification of investments. The Secretary shall also propose rules, regulations, or guidance, as the Secretary deems appropriate, that clarify the duties that a fiduciary owes to plan participants under ERISA when deciding whether to make available to plan participants an asset allocation fund that includes investments in alternative assets, which rules, regulations, and guidance may include appropriately calibrated safe harbors. In carrying out the directives in this section to further the policy set forth in EO 14330, the Secretary shall prioritize actions that may curb ERISA litigation that constrains fiduciaries' ability to apply their best judgment in offering investment opportunities to relevant plan participants.