Democrats seek to expand ESG strategies in retirement plans Keith Lewis © Provided by Roll Call Tina Smith has offered legislation permitting investors to put ESG into investment decisions.
Investment strategies that consider environmental, social and governance factors may soon find their way into employer-sponsored retirement plans, expanding access to millions of Americans whose only stake in the market is through a 401(k) or similar account.
Senate Democrats this month introduced legislation that would amend a 1974 law known as the Employee Retirement Income Security Act to allow fiduciaries to consider ESG factors in selecting investment strategies for employer-sponsored plans and reverse a rule by the Trump administration that limited their ability to recommend such products.
Democrats seek to expand ESG strategies in retirement plans
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Congressional Roundup: Kuster Gaza comment, HAVANA Act, Retirement Flexibility
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Senators Introduce Bipartisan Bill to Increase Retirement Plan Participation
The Improving Access to Retirement Savings Act is intended to open MEPs to 403(b) plans and more small businesses.
Three US senators have introduced legislation they say would make improvements to existing laws to help more organizations and small businesses participate in retirement plans, including multiple employer plans (MEPs) and pooled employer plans (PEPs).
Sens. Chuck Grassley, R-Iowa; Maggie Hassan, D-New Hampshire; and James Lankford, R-Oklahoma, say the Improving Access to Retirement Savings Act would build off the Setting Every Community Up for Retirement Enhancement (SECURE) Act which was passed in late 2019 and help 403(b) plans, among other provisions. The legislation would allow 403(b)s to participate in MEPs.