A new rule going into effect Monday allows managers of retirement funds to factor in companies' environmental and social stances when making investment decisions.
Starting Monday, retirement plan managers will be able to factor in a company'spositions when making investment decisions, as a Biden administration rule goes into effect – despite the objection of 25 Republican-led states.
The Department of Labor rule, first announced in November, reverses restrictions put in place under the Trump administration. It is now facing a lawsuit from Utah and two-dozen other states, who argue that it violates the Employee Retirement Income Security Act of 1974, which says retirement plan assets must be held for the exclusive purpose of providing benefits to participants in the plan, and that fiduciaries must act solely in the participants' interests.
"Permitting asset managers to direct hard-working Americans’ money to ESG investments puts trillions of dollars of retirement savings at risk in exchange for someone else’s political agenda," Utah Attorney General Sean Reyes told FOX Business last week, saying the rule "must be stopped."
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