Retirement Plan Rule Throws Cold Water On ESG Factors

Law360 (November 16, 2020, 5:21 PM EST) -- On Oct. 30, the U.S. Department of Labor issued a final rule amending the investment duties regulation under Section 404(a) of the Employee Retirement Income Security Act. The significant and much-anticipated final rule updates the existing investment duties regulation framework to provide minimum standards a fiduciary must meet in order to satisfy ERISA's duty of loyalty in selecting plan investments. 

The final rule comes after years of DOL subregulatory guidance focused on the appropriateness of plan investment options that aim to achieve collateral economic or social benefits in addition to investment returns — commonly referred to as environmental, social and governance,...

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