News & Analysis as of

Biden Administration Department of Labor (DOL) Employee Retirement Income Security Act (ERISA)

Latham & Watkins LLP

US Government Reopens Discussion of Private Pension Investments Expectations

Latham & Watkins LLP on

The Department of Labor has taken two recent actions that indicate where the approach to retirement investment policy may go under the new administration....more

Morgan Lewis - ML Benefits

US Administration Announces Intent to Replace Biden-Era ESG Rule

The US Department of Labor’s (DOL’s) position on the appropriateness of environmental, social, and governance (ESG) investing strategies in ERISA-regulated retirement plans has ping-ponged for decades (as we’ve covered...more

Troutman Pepper Locke

ESG Investing in 401(k) Plans – More Rule Changes on the Way

Troutman Pepper Locke on

In our recent client alert, “Texas Federal Court Allows an ERISA Fiduciary Challenge Against Alleged “ESG Investing” Without Any ESG Funds,” we reported that a Texas district court recently upheld Biden-administration...more

Ropes & Gray LLP

Trump DOL Withdraws Biden-Era ESG Rule and Crypto Guidance for ERISA Plans

Ropes & Gray LLP on

On May 28, 2025, the U.S. Department of Labor (“DOL”) began to articulate the Trump administration’s retirement policy priorities with its decisions to (i) end its defense of the Biden-era ESG rule in a long-running lawsuit...more

Carlton Fields

DOL ESG Rule Withstands Demolition of Chevron Deference

Carlton Fields on

In Loper Bright Enterprises v. Raimondo, the U.S. Supreme Court knocked down Chevron U.S.A. Inc. v. Natural Resources Defense Council Inc., leaving the doctrine of Chevron deference in rubble. The doctrine stated that, when a...more

ArentFox Schiff

ESG Update: Texas Federal Court Cites Loper Bright in Upholding Biden-Era ESG 401(k) Investing Rule

ArentFox Schiff on

A Biden-era US Department of Labor (DOL) Rule permitting consideration of environmental, social, and governance (ESG) factors when choosing investments as a “tiebreaker” was recently upheld by Texas federal Judge Matthew...more

The Wagner Law Group

Election 2024: ERISA and the Proposed New Labor Secretary – Look(ing) for the Union Label?

The Wagner Law Group on

President-Elect Trump has proposed Rep. Lori Chavez-DeRemer as the next Secretary of Labor. The selection is particularly notable for the clear pro-union leanings of the nominee of a Republican president-elect. Any effort...more

Nossaman LLP

Relying on Loper, Fifth Circuit Sends Chevron-based decision Back to District Court, calling ESG Rule into Question

Nossaman LLP on

On July 18, the U.S. Court of Appeals for the Fifth Circuit (“Fifth Circuit”) vacated a decision by the U.S. District Court for the Northern District of Texas (“District Court”) that upheld the U.S. Department of Labor’s...more

ArentFox Schiff

Biden Administration Issues Final Rule Expanding ERISA Fiduciary Definition, Enhancing Protections for Pension Plan Participants

ArentFox Schiff on

On April 23, the US Department of Labor (DOL) released a final rule significantly expanding the definition of who qualifies as a fiduciary under the Employee Retirement Income Security Act (ERISA) (the Retirement Security...more

Eversheds Sutherland (US) LLP

Department of Labor’s Fiduciary Rule 4.0 proposal

On October 31, 2023, following its announcement by President Biden, the US Department of Labor (DOL or Department) released its Proposal 4.0 regarding ERISA fiduciary investment advice, including amended exemptions for...more

Brownstein Hyatt Farber Schreck

Updated Retirement Fiduciary Guidance Issued by Biden Administration

On Oct. 31, 2023, the Biden administration released its long-awaited revision to the Employee Retirement Income Security Act (ERISA) fiduciary rule. These regulations define fiduciaries and outline what transactions are...more

Mintz

Biden Administration's DOL Rule Enabling Investment Advisors to Consider ESG Factors Survives Judicial Challenge

Mintz on

On September 21, 2023, Judge Kacsmaryk (N.D. Texas), a famously conservative Trump-appointed jurist, upheld a Department of Labor rule promulgated by the Biden Administration that enables employee retirement plans to consider...more

Verrill

Update on the Debate over Environmental, Social, and Corporate Governance Investing

Verrill on

The debate over investment of retirement plan funds based on environmental, social, and corporate governance (“ESG”) factors continues to make waves. This post provides a high-level overview of the current state of play for...more

Jones Day

Congressional Republicans and State Attorneys General Challenge Biden Administration's ESG 401(k) Rule

Jones Day on

Republicans at the state and federal levels are challenging a Biden administration rule (the "Rule") intended to walk back Trump-era regulations restricting the ability of retirement fund managers to consider climate change...more

Katten Muchin Rosenman LLP

President Biden’s First Veto Frustrates Anti-ESG Coalition

On March 20, President Joe Biden used his first presidential veto to block a GOP-sponsored anti-ESG bill from taking effect. The bill would have eliminated a Department of Labor rule that allows ERISA retirement fund managers...more

Harris Beach Murtha PLLC

President Biden Signs Resolution Ending the COVID-19 National Emergency on April 10, 2023

On April 10, 2023, President Biden signed H.J. Res. 7, ending the COVID-19 National Emergency on that same day. Earlier in the day on April 10, 2023, we had issued a News Alert reporting that the President intended to end...more

Bass, Berry & Sims PLC

Tolling No More: Preparing for the End of COVID-19 Emergency Declarations

On January 30, President Biden announced his intention to end the COVID-19 National Emergency (NE) and Public Health Emergency (PHE) effective May 11, 2023. Both emergency declarations resulted in various forms of relief for...more

Seyfarth Shaw LLP

Policy Matters Newsletter - March 2023

Seyfarth Shaw LLP on

Biden Officially Nominates Su To Replace Marty Walsh. This week, President Biden officially announced the nomination of Julie Su to replace Marty Walsh atop the Department of Labor. We have had numerous occasions to discuss...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Beltway Buzz - March 2023

POTUS Nominates Su to Lead DOL. This week, President Biden nominated Julie Su to serve as secretary of the U.S. Department of Labor (DOL) (the current secretary, Marty Walsh, is scheduled to leave his position later this...more

Faegre Drinker Biddle & Reath LLP

COVID-19 National Emergency Plan Deadline Extensions Set to End This Summer

On January 30, 2023, President Biden announced the Administration’s plan to extend the current declarations of the COVID-19 national emergency and public health emergency (PHE) through May 11, 2023, and end both emergencies...more

Holland & Knight LLP

DOL Issues Final Rule on Climate Change, ESG Factors for Retirement Plan Investments

Holland & Knight LLP on

The U.S. Department of Labor (DOL) on Nov. 22, 2022, announced its adoption of amendments to the regulation setting out retirement plan fiduciary duties of prudence and loyalty under the Employee Retirement Income Security...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

I don’t get the push for ESG

While the Biden-led Department of Labor (DOL) has given the green light for environmental, social, and governance (ESG) funds within 401(k) plans, I don’t get the push....more

Akerman LLP - Health Law Rx

Biden Administration Signals MHPAEA Enforcement a Priority with Fiscal 2023 Budget

The Biden Administration’s proposed budget for fiscal year 2023 serves as a warning to all plan issuers and administrators that enforcement of the Mental Health Parity and Addiction Equity Act (MHPAEA) is a top priority for...more

K&L Gates LLP

DOL Release Warns About Cryptocurrency in 401(k) Plans

K&L Gates LLP on

The Department of Labor (DOL) recently issued a Release that warns about cryptocurrency use in 401(k) plans. The Release raises a number of concerns, including troubling implications for fiduciary duties with respect to...more

Holland & Knight LLP

DOL Requests Information on Protection of Retirement Plans from Climate Risks

Holland & Knight LLP on

The Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor (DOL) on Feb. 14, 2022, issued a Request for Information (RFI) to gather input regarding the protection of pensions and retirement savings...more

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