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Retirement Plans Newsletter

BULLETIN
November 22, 2022

 

[Official Guidance]

Text of DOL Final Regs: Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights (PDF)

236 pages. "The [DOL] is adopting amendments to the Investment Duties regulation under Title I of [ERISA]. The amendments clarify the application of ERISA's fiduciary duties of prudence and loyalty to selecting investments and investment courses of action, including selecting qualified default investment alternatives, exercising shareholder rights, such as proxy voting, and the use of written proxy voting policies and guidelines. The amendments reverse and modify certain amendments to the Investment Duties regulation adopted in 2020."  MORE >>

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

[Guidance Overview]

DOL Fact Sheet: Final Regs on Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights

"The final rule clarifies how ERISA's fiduciary duties of prudence and loyalty apply to selecting investments and investment courses of action and exercising shareholder rights such as proxy voting. ... [1] Changes to clarify permissibility of consideration of ESG factors ... [2] Changes to Qualified Default Investment Alternative provisions ... [3] Changes to clarify the application of the duty of loyalty ... [4] Provisions on shareholder rights including proxy voting ... The final rule will be effective 60 days after publication in the Federal Register. The rule will also be applicable on that date except for a delayed applicability until one year after publication for certain proxy voting provisions to allow fiduciaries and investment managers additional time to review any proxy voting policies and guidelines and make any necessary changes."  MORE >>

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]

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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587.

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