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With the passage of this landmark legislation, significant administrative guidance on changes to retirement plans will be forthcoming from the IRS and the DOL, but here is a preliminary summary of the most relevant changes.

A new Morningstar report examined 94 asset managers - including Vanguard, UBS and Impax - and tapped eight firms as leaders that have focused on sustainable investing from day one.

Currently, plan sponsors must provide documentation and sign a penalty of perjury statement with EBSA, and as a result, many do not utilize the program. The new procedure would streamline the process.

While the latest DOL ruling on ESG implementation in retirement plans is an enormous step forward, more guidance is needed. However, there are several approaches and options that are essential for plan sponsors to keep in mind.

National, state and local rules may continue to change, but employers need to be aware of regulatory changes and consult with their broker, compliance team and other trusted advisors.

Last week, 13 Republican state attorneys general asked federal energy officials to consider blocking the world's second-largest fund manager from buying utility stocks because of its relationship with the Net Zero Asset Managers coalition.

When it comes to employee retirement plans, some advisors adhere to a less stringent set of obligations - the suitability standard, so it's beneficial to speak openly with advisors and brokers about their fee structure.

The debate's likely to continue over whether 401(k) plan sponsors should consider environmental, social and governance factors when selecting investment options, but the rule creates new opportunities for advisors.