Socially Conscious Investments: DOL Publishes Final Rule for ERISA Fiduciaries

Employee Benefits Security Administration of the US Department of Labor (“DOL”) published a new rule titled “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights” (“the Rule”), which clarifies how and when fiduciaries of 401(k) and similar retirement plans subject to the Employee Retirement Income Security Act (“ERISA”) can make investment decisions that promote environmental, social, or governance (“ESG”) goals or reflect ESG considerations. The Rule will take effect on January 30, 2023.