Bloomberg Tax
July 10, 2023, 4:54 PM

ERISA Allows Plan Fiduciaries to Pursue More Than Just Money

Michael Schloss
Michael Schloss
Wagner Law Group

In this note, my first since retiring from the Department of Labor five months ago, I would like to think out loud about three policies that provide exceptions to ERISA’s primary fiduciary duties of loyalty and prudence (ERISA §404(a)(1)(A) and (B)) with regard to tax-subsidized plan assets. These policies relate to:

  1. ESOPs, which were added to ERISA to promote employee stock ownership and control (ERISA §407(d)(6)(A) describes ESOPs as plans “designed to invest primarily in qualifying employer securities”);
  2. ESG, recently incorporated into the latest DOL fiduciary regulation (87 Fed. Reg. 73,822 (Dec. 1, 2022)

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