On March 30, 2026, the United States Department of Labor's Employee Benefits Security Administration announced the outcome of its review of the presidential executive order titled Democratizing Access to Alternative Assets for 401(k) Investors. We applaud the DOL for clarifying the legal status of prudently designed longevity risk-sharing pools within defined contribution (DC) plans in the U.S. and granting a wide latitude for various types of designs.

Tontines, a nearly-extinct financial device invented centuries ago, are receiving fresh attention as a tool for retirement income. We do...