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ARTICLE · 03 MAY 2018

DOL Clarifies Plan Fiduciary Responsibilities

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On April 23, 2018, the DOL issued a Field Assistance Bulletin ("FAB") to provide the national and regional offices of the Employee Benefits Security Administration assistance with addressing questions received...

United StatesEmployment and HR
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On April 23, 2018, the DOL issued a Field Assistance Bulletin ("FAB") to provide the national and regional offices of the Employee Benefits Security Administration assistance with addressing questions received from plan fiduciaries and other relevant stakeholders. The FAB addresses the DOL's prior guidance regarding the exercise of shareholder rights, written investment policy statements and economically targeted investments ("ETIs").

In FAB 2018-01, the DOL analyzed its previous guidance set forth in Interpretive Bulletins ("IB") 2016-01 and 2015-01. These IBs were issued, respectively, to (i) help plan fiduciaries understand their obligations and responsibilities in connection with the voting of proxies and the exercise of shareholder rights, and the maintenance of and compliance with investment policy statements, and (ii) set forth the DOL's interpretation of certain ERISA provisions in connection with plan investments in ETIs. In FAB 2018-01, the DOL noted, among

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