Chances are you’ve already seen the headlines. The current administration wants to open your 401(k) to crypto. And private equity. And real estate funds. And a category of investments collectively called “alternatives” that most retirement savers have never had access to.

Before you start rearranging your retirement allocation, or dismissing this as political noise, it’s worth slowing down and understanding what this rule actually does. Because the gap between the headline and the reality is significant, and getting this right matters.

Here’s the clear-eyed version.

What the Rule Actually Does

On March 30, the U.S. Department of Labor released a proposed rule titled “Fiduciary Duties in Selecting Designated Investment…