Bloomberg Law
April 23, 2018, 8:23 PM

Labor Dept. Clarifies Obama-Era Investment Guidance

Madison Alder
Madison Alder

The Labor Department rolled out new guidance April 23 that clarifies how retirement plan fiduciaries should handle selection of what’s known as “economically targeted investments.”

The guidance came in the form of a Field Assistance Bulletin—first issued by the DOL’s Employee Benefits Security Administration in 2018. It targets two pieces of guidance promoting economically targeted investments, also known as environmental, social, and governmental investments, that were issued during President Barack Obama’s administration.

The new guidance generally says that ESG investments aren’t always the prudent choice for retirement investors and so fiduciaries of retirement plans must always put the economic ...

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