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,

The order asks the secretary of labor to reexamine department guidance regarding the Employee Retirement Income Security Act of 1974.

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