New rule opens 401(k) plans to private equity, prompting debate over benefits versus costs and transparency risks.

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

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,