In a Request for Information ("RFI"), the DOL requested public comment on actions to protect retirement savings and pensions from risks associated with changes in climate.
The RFI was based upon President Biden's 2021 Executive Order on climate-related financial risk. That E.O. directed 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 U.S. workers from the threats of climate-related financial risk. In the RFI, the DOL asks a series of questions as to how the Employee Benefits Security Administration ("EBSA") or fiduciaries to plans may reduce climate risk. These include:
what agency actions can be taken under "relevant laws" to reduce the threats of climate-related financial risk;
what climate risk data related to plans to should EBSA collect;
how do plan fiduciaries vote on proxy proposals relating to climate risk;
what actions should plan managers take to incorporate climate risk into their decisions; and
should investors be provided education as to climate-related financial risks?
The RFI suggested that penalties may be imposed on fiduciaries that do not invest in accordance with whatever guidelines may eventually be established, stating that "there are civil enforcement provisions aimed at assuring that plan funds are...
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