2026-06-02T10:08:36.325Z / https://www.reuters.com/legal/government/us-fund-management-firms-back-401k-alternative-assets-proposal-others-worry-2026-06-02/
罗德岛州普罗维登斯6月2日路透电——美国基金管理行业已表态支持一项提案，该提案拟允许退休计划投资私人信贷、加密货币等另类资产，将现有401(k)计划及其他大众市场产品中约14.2万亿美元的资金分流一部分至此类投资工具中。
截至周一提案意见征询期结束时，包括华尔街及投资者维权团体在内的个人与机构已提交超3.3万条意见，就美国劳工部拟议的新规则发表了大量看法。
部分人士担忧，该提案将使劳动者的退休储蓄面临过高风险和高额费用，而另一些人则认为这将为投资者和基金带来获利机会。
代表另类资产行业的贸易团体管理基金协会首席法律官詹妮弗·韩在意见函中写道：“纳入此类基金和资产，应能减轻某些监管负担和诉讼风险，这些风险此前阻碍了美国劳动者通过退休账户获取竞争收益和资产多元化配置，而这正是保障舒适退休生活所必需的。”
但许多其他评论者质疑，该提案是否真的会惠及个人投资者，还是仅会有利于试图挖掘大规模新资金来源的资产管理公司。
投资者诉讼的“安全港”
美国劳工部3月底公布该提案时表示，拟议的规则修改将为雇主提供合法的“安全港”，即免受投资者诉讼的保护，前提是雇主在做出投资决策前“客观、全面地分析考量包括业绩、费用、流动性、估值、业绩基准及复杂性在内的各项因素”并做出决定。
当时，一名劳工部官员表示，该规则并非旨在指导投资机构进行或不进行某项投资，而是为他们提供“分析工具包”，使其能够遵循“严谨、全面且客观的流程”。
据劳工部官网消息，意见征询期现已结束。
该部门接下来将审查收到的数千条意见，可能会修订规则，并在最终规则发布前完成白宫审查程序。由于此次规则修订缘起于唐纳德·特朗普总统去年8月签署的一项行政令，最终规则的出台速度可能会较快。
建议适度配置
投资公司协会（ICI）总体对该提案表示欢迎，该协会代表的资产管理公司已在为这类政策变化筹备新的合作项目。该协会建议，在大多数雇主赞助的401(k)计划的默认投资选项——目标日期基金中，“适度配置私人市场资产”是最佳方案。
部分财务顾问表示，这将惠及储蓄者。
德克萨斯州奥斯汀市Gap金融服务首席执行官贾罗德·温科姆普莱克作为财务顾问在意见函中写道：“美国经济日益依托私人市场，但大多数劳动者无法涉足其中。”他敦促决策者推进该提案。
根据美国劳工统计局数据，未纳入政府计划的美国在职劳动者中，约57%拥有某种形式的雇主赞助的退休储蓄账户，比如401(k)计划。投资公司协会测算，截至去年，这类账户的资金总额达14.2万亿美元。
对收益的质疑
投资行业教育机构CFA协会表示，尽管机构投资者凭借市场影响力能够获得费率最低、质量最高的投资工具，但退休储蓄者将无法“直接掌控基金经理选择、交易渠道、估值、流动性条款或费用安排”。
事实上，路透社审核的多封意见函均提及作者担忧他们可接触的基金的结构问题。
芝加哥Centric Wealth Management首席投资官迈克尔·麦科马克表示，区间基金等另类投资工具“通常承诺的流动性高于其基础资产实际所能提供的流动性，这种错配在市场低迷时期会变得十分危险”。
苏珊·麦吉在罗德岛州普罗维登斯报道；梅根·戴维斯、杰米·弗里德编辑
US fund management firms back 401(k) alternative assets proposal, but others worry about risks
2026-06-02T10:08:36.325Z / https://www.reuters.com/legal/government/us-fund-management-firms-back-401k-alternative-assets-proposal-others-worry-2026-06-02/
PROVIDENCE, Rhode Island, June 2 (Reuters) – The U.S. fund management industry has thrown its weight behind a proposal to open up retirement plans to alternative assets like private credit and cryptocurrencies to direct a slice of the estimated $14.2 trillion now in 401(k) and other mass-market products into those vehicles.
More than 33,000 letters from individuals and institutions, including Wall Street and investor advocacy groups, offered a myriad of opinions on the proposed new rule by the Department of Labor by the time the comment period for the proposal drew to a close on Monday.
Some raised concerns that it would open up workers to excessive risks and high fees on their retirement savings, while others saw opportunities for investors and funds to benefit.
“Including those funds and assets should alleviate certain regulatory burdens and litigation risk that interfere with the ability of American workers to achieve, through their retirement accounts, the competitive returns and asset diversification necessary to secure a comfortable retirement,” wrote Jennifer Han, chief legal officer of the Managed Funds Association, a trade group that represents the alternative assets industry.
But many others questioned whether the proposal would really benefit individual investors or just favor asset managers trying to tap a large new source of capital.
‘SAFE HARBOR’ FROM INVESTOR LAWSUITS
The proposed rule change would give employers a legal “safe harbor”, or protection from investor lawsuits, as long as they “objectively, thoroughly, and analytically consider, and make determinations on factors including performance, fees, liquidity, valuation, performance benchmarks, and complexity” before making the investment, the Labor Department said when announcing the proposal in late March.
At that time, a Labor Department official said the rule was not intended to direct providers to invest or not but rather give them “the toolkit so that they can follow an analytical, thorough and objective process.”
The review period has now ended, according to the Labor Department’s website.
The department will now review the thousands of comments it received, may revise the rule, and must complete a White House review before any final rule can be published. That may happen rapidly, since the process now underway was sparked by an executive order from President Donald Trump last August.
MODEST ALLOCATIONS SUGGESTED
The Investment Company Institute (ICI), which represents asset managers that have been forming new partnerships in anticipation of such a policy change, generally applauded the move. It suggested “modest private market allocations” within the target-date funds that are the default investments for most employer-sponsored 401(k) plans would be the best approach.
Some financial advisers said it would benefit savers.
“The American economy increasingly lives in private markets and most workers have no access to it,” wrote financial adviser Jarrod Winkcompleck, CEO of Gap Financial Services in Austin, Texas, as he urged policymakers to forge ahead with the proposal.
About 57% of all working Americans who are not covered by government plans have some kind of employer-sponsored retirement savings account, such as a 401(k) plan, according to the Bureau of Labor Statistics. The ICI calculated that as of last year, that pool of capital totaled $14.2 trillion.
SKEPTICISM ON BENEFITS
The CFA Institute, an investment industry education association, said that while institutions get access to the lowest-fee, highest-quality vehicles because of their market clout, retirement savers will lack “direct control over manager selection, deal access, valuation, liquidity terms or fee arrangements.”
Indeed, several of the comment letters reviewed by Reuters emphasized their authors’ concern about the structure of the funds to which they will have access.
Michael McCormick, chief investment officer at Centric Wealth Management in Chicago, said that alternative asset vehicles, such as interval funds, “often promise more liquidity than their underlying assets can actually support, a mismatch that becomes dangerous in a market downturn.”
Reporting by Suzanne McGee in Providence, Rhode Island; Editing by Megan Davies and Jamie Freed
发表回复