Who should decide whether retirement plans can include private investments like private equity, credit, hedge funds or direct real estate — and how should they be evaluated? In this episode we break down the DOL’s proposed rule, what makes alternatives different (costs, opacity, liquidity, valuation and risk), and why ERISA fiduciaries face special legal challenges when considering these options for DC plans. Learn what plan sponsors should document, how advisors should respond to marketing pressure, and what participants can do if they want to avoid alternatives in their lineup.