Highlights
GAO reviewed the Department of Labor, Employee Benefits Security Administration's (EBSA) new rule entitled "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights." GAO found that the final rule (1) clarifies the application of the Employee Retirement Income Security Act of 1974's, 29 U.S.C. § 1001 et seq., fiduciary duties of prudence and loyalty to selecting investments and investment courses of action, including selecting qualified default investment alternatives, exercising shareholder rights, such as proxy voting, and the use of written proxy voting policies and guidelines; and (2) reverses and modifies certain amendments to the Investment Duties regulation adopted in 2020.
Enclosed is our assessment of EBSA's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202) 512-6398.
View Decision
B-334848
December 13, 2022
The Honorable Patty Murray
Chairwoman
The Honorable Richard Burr
Ranking Member
Committee on Health, Education, Labor, and Pensions
United States Senate
The Honorable Bobby Scott
Chairman
The Honorable Virginia Foxx
Ranking Member
Committee on Education and Labor
House of Representatives
Subject: Department of Labor, Employee...
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