The new White House order directing regulators to expand access to alternative investments in 401(k) plans, like crypto or privately owned companies adds a new layer of risk to the retirement portfolios for ordinary investors that they may not fully understand,

Employers would have to decide to offer the plans — and experts anticipate many might be reluctant, as they could be held liable for losses.

Edward Gottfried, VP of Product at Betterment at Work, noted 401 (k) investment selection and management is governed by fiduciary rules, which require employers and advisors to review the investments to ensure they have fair fees and performance in line with general market returns.