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ARTICLE · 18 FEBRUARY 2022

DOL Seeks Input On Climate Change's Impact On Retirement Security

Morgan Lewis
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The US Department of Labor (DOL) recently announced that it is seeking comment on the impact of climate change on retirement security and what actions, if any, the agency should take to protect retirement savings from such risks.

United StatesEmployment and HR
Elizabeth (Liz) Goldberg
Elizabeth (Liz) Goldberg
Rachel Mann
Rachel Mann

The US Department of Labor (DOL) recently announced that it is seeking comment on the impact of climate change on retirement security and what actions, if any, the agency should take to protect retirement savings from such risks.

The DOL put out this recent request for information (RFI), "Request for Information on Possible Agency Actions to Protect Life Savings and Pensions from Threats of Climate-Related Financial Risk," on February 11. The request follows, and is in addition to, the pending final version of the Environmental, Social, and Governance (ESG) investing regulation titled "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights" (ESG Rule). The proposed version of that rule was released in October 2021, and the comment period closed in December 2021. So, while the DOL works on finalizing the ESG Rule, it is simultaneously searching for additional information about other ways that climate change may impact the retirement

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