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ARTICLE · 14 NOVEMBER 2020

DOL Updates Factors For Selecting Plan Investments

Burr & Forman LLP
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On October 30, 2020, the U.S. Department of Labor (the "DOL") released a Final Rule.

United StatesEmployment and HR
Jonathan H. Nason
Jonathan H. Nason

On October 30, 2020, the U.S. Department of Labor (the "DOL") released a Final Rule to "provide clear regulatory guideposts for fiduciaries of private-sector retirement and other employee benefit plans in light of recent trends involving environmental, social and governance (ESG) investing." The Final Rule amended the regulations (29 C.F.R. §2550.404a-1; hereinafter referred to as the "Regulations") enunciating fiduciary investment duties under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). This article will review the primary provisions added to the Regulations.

Over the last 30 years, the DOL has considered the use of environmental, social and corporate governance considerations (i.e., non-pecuniary benefits or "ESC Factors") in connection with the selection of pension plan investments. See Interpretive Bulletin 94-1, Interpretive Bulletin 2008-01, Interpretive Bulletin 2015-01 and Field Assistance Bulletin 2018-01. The DOL's prior

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