DOL Rule Greenlights ESG, But Questions Remain – PLANADVISER

The Department of Labor published the final rule on ESG investment in ERISA-governed plans Tuesday, solidifying long-awaited permission to use environmental, social and governance analysis in retirement investing, but not making it mandatory. Even as the decision came down, however, there are still details to be worked out for real-world implementation, according to multiple ERISA attorneys.

As legal authority for the rule, the DOL cites Executive Orders 14030, which directed the federal government to protect pensions from climate risk, and Executive Order 13990, which instructed federal agencies to evaluate Trump-era regulations that could be obstacles to improving the environment.

The new rule is a reversal of a rule published in the closing days of President Donald Trump’s term that intended to prevent consideration of ESG factors in investment choices for ERISA plans. In March 2021, the DOL under President Joe Biden announced it would review that rule and not enforce it in the…

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