Washington, DC – The following statement is in support of comments that ERIC filed with the U.S. Department of Labor (DOL) regarding the proposed rule, “Factors in Selecting Plan Investments.” It should be attributed to Aliya Robinson, Vice President of Retirement and Compensation Policy at The ERISA Industry Committee (ERIC):
“On behalf of our member companies, who supervise billions of dollars in retirement assets, ERIC supports the Department of Labor’s codification of the principle requiring plan fiduciaries to focus on the financial best interest of participants. Despite ever-evolving trends in investment theory – the latest focusing on environmental, social, and governance factors – ERIC member companies have always focused on plan investments that provide the best financial outcomes for participants, their employees, retirees, and families. Establishing a regulation definitively stating fiduciary obligations regarding investment selection will eliminate the possibility of different interpretations of this duty based on various DOL sub-regulatory guidance. The creation of a rule will establish certainty and consistency even as investment trends and terms change.
ERIC’s comments encourage the DOL to move forward with a final rule and offer recommendations to ensure that such a rule does not create unnecessary administrative burdens or increase the risk of litigation for plan fiduciaries.”