The Trump administration is expanding options for retirement savings by allowing Americans with a 401k to invest in private equity funds.

The Department of Labor (DOL) today announced it is issuing guidance allowing private equity investments to be a component of professionally managed investment funds offered to Americans with a defined contribution benefit plan.

Previously, Americans with a 401(k) were unable to invest in private equity funds, even though this investment option was widely used by public pension funds and large investors. The Trump administration’s deregulatory action will open up private equity investment to the roughly 80 million American families and individuals that actively participate in a 401k or other defined benefit plan.

“The Trump Administration’s decision to allow Americans to invest in private equity with their 401(k)s is a big win that will give every family saving for retirement more options,” said Grover Norquist, President for Americans for Tax Reform. “Big pension plans already had this option. Now everyone does.”