Broad adoption of alternative assets is indeed the administration’s goal. One of the most consequential parts of a 401(k) plan is the default option, since most workers simply leave their money there. Usually, the default is a target date fund, which, based on the investor’s target date of retirement, gradually shifts its composition as that date approaches from mostly publicly traded stocks to mostly bonds, becoming more conservative and less risky as the person gets closer to needing the money. Target date funds haven’t changed much over the past two decades as they’ve soared in popularity. They offer all-in-one simplicity and, since they are often passive, low cost. Adding complex investments like private equity or hedge funds as a standard part of the mix would be a sea change.