DOL Issues New Regulations on ESG Investing for ERISA Retirement Plans

January 23, 2023

On November 22, 2022, the U.S. Department of Labor (the “DOL”) released new regulations (the “New Regulations”) further clarifying the rules governing how retirement plan fiduciaries should approach plan investments under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and removing the prior regulations’ barriers to considering environmental, social, and governance (“ESG”) factors.  The New Regulations will generally become effective on January 30, 2023, but certain provisions relating to certain proxy voting matters have a later effective date and will become effective December 1, 2023.

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