FOR IMMEDIATE RELEASE
November 22, 2022
Labor to Allow Retirement Plans to Consider
Sustainability, Jobs, Equity, and Worker Rights
WASHINGTON, D.C. — The U.S. Department of Labor’s final rule takes an important step to safeguard the savings of millions of workers who participate in private-sector employee benefit plans by allowing workers’ private retirement plans and pensions to consider sustainability factors like climate change, workers’ rights, racial, economic and environmental justice, and corporate governance when investing and voting proxies.
“The rule positions workers to avoid investment risks, including those caused by the effects of union busting, worsening climate impacts, and destructive corporate governance practices like the mass layoffs at Twitter,” said Natalia Renta, senior policy counsel, corporate governance and power at Americans for Financial Reform Education Fund. “It also offers workers peace of mind in knowing that their retirement plans can benefit from robust investments in workforces, the transition to a green economy, and corporate transparency and accountability. Now is the time for a strong implementation of the rule.”
AFREF submitted two comments to the Labor Department supporting the then-proposed rule. A PDF of the joint comment can be found here, and a PDF of the individual comment can be found here.