Should your retirement account be subjected to the political aims of the people managing your funds? Thanks to a new Biden Administration rule, they could be. Last December, the Secretary of Labor promulgated a new rule that allows and encourages plan administrators to consider ESG factors when making investments on behalf of plan beneficiaries. What are ESG factors? ESG stands for environmental, social and governance and the criteria has more to do with maximizing political and social goals than it does with maximizing returns on investment.
WILL recently joined more than 100 organizations and officials in signing a coalition letter to Congress, opposing the rule and supporting the congressional effort to overturn it. Now, WILL is pursuing legal efforts to stop the politicization of retirement incomes through executive fiat because Congress never granted President Biden the authority to alter ERISA’s fiduciary obligations to retirees.
On Thursday March 23rd WILL Associate Counsel Kate Spitz will discuss the latest issues involving ESG regulations as well as WILL’s federal lawsuit on behalf of two retirement plan participants against the Biden Administration to stop the politicization of hardworking American’s retirement savings.