Rising seas, wildfires, tornadoes—what impact will it have on retirement savings and security?
“The RFI includes instructions on how to submit comments.”
The Department of Labor (DOL) wants to know, and published a Request for Information for public comment on what actions, if any, the department should take under federal law.
As the DOL notes, the RFI follows President Biden’s Executive Order on Climate-Related Financial Risk. It directs the department to identify actions it can take under the Employee Retirement Income Security Act of 1974, the Federal Employees’ Retirement System Act of 1986, and other relevant laws, to safeguard the life savings and pensions of United States workers.
Published by the department’s Employee Benefits Security Administration, the RFI enables the public to help inform any potential future departmental work to secure retirement savings as directed by the executive order.
“The public and stakeholders, in general, are a valuable source of information for us,” Acting Assistant Secretary for Employee Benefits Security Ali Khawar said in a statement. “They can help us identify and explore actions to take to better protect the hard-earned retirement savings of America’s families. We encourage all interested parties to submit comments, and to share their thoughts and ideas.”
The RFI solicits general input on agency actions that can be taken under ERISA, FERSA, and other relevant laws, and poses specific questions related to data collection and fiduciary issues under ERISA, the federal Thrift Savings Plan under FERSA, and other miscellaneous topics.
The RFI follows a recently proposed rule published by the department, Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights. The RFI deals with a broader set of questions than the proposed rule and is a different initiative.
The RFI’s comment period will run for 90 days after publication in the Federal Register and the RFI includes instructions on how to submit comments.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
