Bradford Campbell, partner and employee benefits attorney for Faegre Drinker in Washington, D.C., is a nationally-recognized expert on employer-sponsored retirement plans. Here, he shares his insight on newly proposed DOL rules on ESG investments in retirement plans with ESG-related investment strategist at Natixis, Clarice Avery. Brad was the Assistant Secretary for Employee Benefits Security of the U.S. Department of Labor (DOL) during the George W. Bush administration, where he was ERISA’s primary regulatory and enforcement official. During his career in government, Brad played a key role on significant ERISA reform, including QDIA regulation facilitating automatic enrollment of workers.
Topics covered in this timely conversation include:
- What the proposed amendments are, and what they might mean for plan fiduciaries, advisors and participants?
- Proposed limitations put on ESG-themed investments as QDIAs – and the controversy behind it
- Why 95% of the more than 8,000 comment letters submitted by investor organizations, financial industry firms and consumer advocates oppose the DOL rulemaking
- Has the DOL based this regulation on an outdated understanding of ESG that is linked to the old socially-responsible approaches?
- What may be the next move by the DOL, and when?