ERISA attorneys at Drinker Biddle have laid out what the fiduciary process for selecting environmental, social, and governance factors should look like.
The Department of Labor issued guidance aimed at making it easier for plan sponsors to offer ESG investments within retirement plans, but that doesn't mean the process is a walk in the park.
Although interest among plan participants is growing, the process of incorporating ESG factors while still remaining ERISA compliant can be a challenge—since original DOL guidance said that ESG couldn't be done at the expense of participants' best interests without constituting a breach of fiduciary duty.
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