In recent years, regulations from the Department of Labor (DOL) on how to address environmental, social, and governance (ESG) considerations in retirement plans have introduced contradictory and confusing rules for plan sponsors. The DOL has finalized a new rule that clarifies how plan sponsors can factor ESG considerations into investment decisions under the Employee Retirement Income Security Act of 1974 (ERISA).
Following a review of the nearly 900 comments submitted to the proposal in 2021, the DOL has published its final rule, Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights, which will take effect on January 30, 2023. The rule confirms that evaluating ESG factors in investment selection is consistent with fiduciary duty and acknowledges that ESG factors are no different than other material risk-return factors. Join Ceres, Environmental Defense Fund, and a panel of key stakeholders for this webinar welcoming the rule and unpacking the details.
In this session, participants:
Dove into new rule specifics with Department of Labor leadership
Identified the implications of the proposal on employer-sponsored retirement plans
Compared perspectives from business leaders
Acquired actionable recommendations for considering climate-aligned investments in their own 401(k) plans
Speakers
Martin J. Walsh, Secretary of Labor, U.S. Department of Labor
Lisa M. Gomez, Assistant Secretary, Employee Benefits Security, U.S. Department of Labor
John Hoeppner, Head of US Stewardship and Sustainable Investing, LGIM USA
Stephanie Jones, Attorney, Climate Risk and Financial Regulations, EDF
Eric Pitt, Consultant, Ceres
Brandon Rees, Deputy Director of Corporations and Capital Markets, AFL-CIO
Steven Rothstein, Managing Director, Ceres Accelerator for Sustainable Capital Markets, Ceres
Allison Wielobob, General Counsel, American Retirement Association