WASHINGTON, D.C. | October 30, 2020
Today, Republican Workforce Leaders on the Education and Labor Committee, Reps. Virginia Foxx (R-NC) and Tim Walberg (R-MI), released the following statement after the Department of Labor (DOL) issued a final rule clarifying fiduciary responsibilities in selecting investments for retirement savers involving non-financial objectives such as environmental, social, and governance goals:
“Millions of American workers and families depend on their retirement savings to ensure a smooth and secure transition out of the workforce. As such, retirement plan fiduciaries must prioritize the financial interests of workers and retirees when managing retirement savings over non-financial factors involving unrelated political motives or other objectives.
“Today’s final rule clarifies how retirement plan fiduciaries can meet their legal obligations to serve retirement savers exclusively, free from potential ulterior motives. We appreciate DOL’s commitment to protecting the retirement savings of American workers and families.”
NOTE: The Employee Retirement Income Security Act’s (ERISA) fundamental purpose is to protect the employee benefits of America’s workers and their beneficiaries. Central to this purpose is DOL’s interpretation and enforcement of ERISA’s fiduciary duties of loyalty and prudence. In July, Reps. Foxx and Walberg sent a comment letter to DOL Secretary Eugene Scalia regarding the proposed rule clarifying fiduciary responsibilities in selecting investments for retirement savers.
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