Regulatory and Legislative

Proposal to Roll Back ESG Investing Approved in House

The House passed H.R. 5339, the Roll back ESG To Increase Retirement Earnings Act (RETIRE Act), by a vote of 217-206. The bill, introduced by Representative Rick Allen (R-GA), would amend ERISA to require that fiduciary action regarding investments be based entirely on pecuniary factors, and the interests of plan participants cannot be subordinated by non-pecuniary factors.

H.J. 30, a resolution for congressional disapproval of the Department of Labor’s “ESG” rule was passed by the House and Senate last year but ultimately vetoed by President Biden. If this bill were to get past the Senate, it likely faces a similar demise.

DOL Defined Contribution Plan Fiduciary Issues Legislative updates

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for Georgia, Nebraska, Washington, Kansas, and New York

The Federal Emergency Management Agency issued Major Disaster Declarations on September 24, 2024, for the following locations: Georgia Tropical Storm Debby, Nebraska severe storms, Washington wildfires, Kansas severe storms, and New York remnants of Tropical Storm Debby.

Regulatory and Legislative

New Bill Allowing CITs in 403(b) Plans Introduced in Senate

Included in this bill is a section that would allow 403(b) plans to invest in collective investment trusts (CITs).

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for New York, Illinois, and Connecticut Disasters

The Federal Emergency Management Agency issued Major Disaster Declarations on September 20, 2024, for the following disasters: New York severe storm and flooding, Illinois severe storms, tornadoes, straight-line winds, and flooding, and Connecticut severe storm, flooding, landslides and mudslides.