Bloomberg Law
Dec. 11, 2020, 6:58 PM

Fiduciary Proxy Voting Rule Finalized After White House OK

Austin R. Ramsey
Austin R. Ramsey

The Labor Department released a final rule Friday that restricts fiduciaries from voting on pension or retirement plan matters that aren’t in the plan’s financial interests.

The Fiduciary Duties Regarding Proxy Voting and Shareholder Rights rule (RIN: 1210-AB91) amends the DOL’s investment duties regulation, establishing practices by which a fiduciary can adopt proxy voting policies and parameters. The rule applies to plans covered by the Employee Retirement Income Security Act of 1974, which sets minimum standards for voluntary private-sector plans.

“The job of ERISA plan fiduciaries first and foremost is to manage plan assets with care and with ...

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