401(k) Real Talk Episode 183: March 11, 2026

Greetings and a warm welcome to this week's edition of 401k real talk. This is Fred Barcstein, contributing editor at wealthmanagement.com's RPA channel and CEO at trrow TPSU and 401k TV. I review all of this week's stories and select the most important and interesting ones, providing open, honest, and candid discussion you will not get anywhere else.

So, let's get real. First story. Though it is only one month, the distressing February report with 92,000 jobs lost is sure to cause even more uncertainty among employers combined with rising prices, tariffs in the immigration policies.

The unemployment rate was also up, but only marginally. And the January job report was surprisingly positive. If the war continues, oil prices will rise, which affects many other goods and will further entrench employers not just unwilling to expand, but likely to contract retirement benefits, causing some to lower their match or not institute automatic enrollment while hardship withdrawals continue to spike.

Next story, the debate over the wisdom including private assets in DC plan spurred by an executive order and expected new DO guideline continues. A recent report by Mezro indicates that these investments can improve target date funds but only with disciplined fiduciary guidelines. Economists at Independent Mezero called for modest allocations of private equity, private credit, and real estate, which it claims is less volatile than many other assets.

They advocate for improved liquidity, daily or periodic valuations, more transparency, and stricter guideline governance standards. To that aim, the ICI and the DC Alternatives Association or Dicala announced a strategic collaboration to advance education, research, and public policy around private investments. Next story.

Many have been been predicting that the 2021 CIA would cause healthc care and benefit plans to act more like DC fiduciaries. Those predictions may be finally coming true as Encore fiduciary reports that 22% of Orisa lawsuits in 2025 and growing have been brought against health care and benefit plans.