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ERIC Files Comment with U.S. Department of Labor Employee Benefits Security Administration

The ERISA Industry Committee (ERIC) today filed a comment with the Department of Labor Employee Benefits Security Administration as a response to a Request for Information on Possible Agency Actions to Protect Life Savings and Pensions from Threats of Climate-Related Financial Risk (Z-RIN 1210-ZA30) 

“We recommend the Department not adopt burdensome new requirements such as those contemplated by the RFI, or any reporting targeted at one particular type of financial risk. This approach would confuse plan fiduciaries about the nature of their obligations and initiate a pattern of imposing new reporting obligations,” said Andrew Banducci, senior vice president of Retirement and Compensation Policy at ERIC.

In the letter, ERIC states:

  • It broadly supports streamlining reporting obligations and is concerned with new, burdensome requirements.
  • There is no basis under ERISA for treating climate-related financial risk differently than other financial risks.
  • New reporting based on specific types of risks could spiral into additional burdensome requirements in the future.

To read the full comments issued today by ERIC visit its website at https://www.eric.org/wp-content/uploads/2022/05/ERIC-Climate-RFI-Response-FINAL.pdf.

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All media inquiries to The ERISA Industry Committee should be directed to media@eric.org.

About The ERISA Industry Committee
ERIC is a national advocacy organization that exclusively represents large employers that provide health, retirement, paid leave, and other benefits to their nationwide workforces. With member companies that are leaders in every sector of the economy, ERIC advocates on the federal, state, and local levels for policies that promote flexibility and uniformity in the administration of their employee benefit plans.