英媒：特朗普养老金新规可能影响9000万美国人

Group 1 - The core viewpoint of the news is that a new executive order from President Trump allows alternative assets such as private equity, real estate, and cryptocurrencies to be included in Americans' 401(k) retirement savings plans, potentially opening up about $12.5 trillion in retirement accounts to higher-risk investments [1] - The 401(k) retirement savings plan is a significant pillar of the U.S. pension system, primarily allowing workers to invest part of their wages in lower-risk assets like stocks and bonds [1] - The decision is influenced by lobbying from private capital groups like Apollo Global Management and BlackRock, indicating a shift in investment strategy for approximately 90 million Americans [1] Group 2 - Since 2007, the funds managed under the 401(k) retirement savings plan have tripled, reaching several trillion dollars, with large private capital groups betting on future growth from Washington's opening of retirement assets [2] - Experts express concerns that while the theoretical benefits include broader investment opportunities for ordinary Americans, the risks associated with higher volatility and lower transparency in private markets could lead to significant losses in retirement savings [2][3] - The fees associated with private assets are notably higher than traditional 401(k) investments, with management fees for private funds reaching 1% to 2% and performance fees up to 20%, compared to 0.3% for target-date mutual funds [2]