More education is needed around these asset classes, traditionally available only to institutions and high-net-worth investors.

SECURE 2.0 has expanded access to PEPs that allows smaller unrelated employers to join together under a single retirement plan, and now the Department of Labor will soon issue new guidance.

Paul Fronstin, an Employee Benefit Research Institute analyst, sees ICHRAs appealing more to employers without health benefits than to cost-cutters.

Proponents say retirees will have access to higher returns; critics say the potential risks are too high.