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PSCA Executive Reports

June 28, 2018

Evolving DOL Guidance on “Social Investing” Issues

This spring, two federal agencies have released information on how fiduciaries can take environmental, social, or governance (“ESG”) factors into account when making plan investment decisions. On April 23, the Department of Labor (“DOL”) released Field Assistance Bulletin No. 2018-01 (“FAB 2018-01” or the “FAB”) on ESG investment issues. In late May, the GAO released a new report on ESG investments and recommended that DOL clarify whether an ERISA plan may incorporate ESG factors into investment selection and provide fiduciaries with additional information on the issue. The DOL guidance continues DOL’s seesawing on the extent to which plan fiduciaries can take economic benefits - apart from investment return to the plan - into account when making investment decisions (“Collateral Benefits” created by “Economically Targeted Investments” or “ETIs”). We will be discussing the new FAB in the Fall Insights issue.

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