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Labor Dept. moves to rescind two Trump-era rules on worker classification


Labor Dept. moves to rescind two Trump-era rules on worker classification
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March 11 (UPI) The Biden administration on Thursday announced it is working to rescind two Trump-era rules it says weakened worker protections.
In the latest move by the administration of President Joe Biden to roll back the policies of his predecessor, the Labor Department said in a statement it has proposed to withdraw two rules that concern the classifications of workers and contractors under the Fair Labor Standards Act.
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The first rule called the Independent Contractor Final Rule, which was issued in the final weeks of the Donald Trump presidency, sought to clarify the standard for employee versus independent contractor while the second rule updated guidance for determining joint employer status, which was mostly vacated by the court last year deeming it violated the Administrative Procedure Act. ....

United States , Ali Khawar , Jessica Looman , Donald Trump , Joe Biden , Employee Benefits Security Administration , Hour Division , Labor Department , President Joe Biden , Fair Labor Standards , Independent Contractor Final Rule , Administrative Procedures , Financial Factors , Selecting Plan Investments , Fiduciary Duties Regarding Proxy Voting , Central American Minors , Top Stories , ஒன்றுபட்டது மாநிலங்களில் , அலி கவர் , டொனால்ட் துருப்பு , ஓஹோ பிடென் , மணி பிரிவு , தொழிலாளர் துறை , ப்ரெஸிடெஂட் ஓஹோ பிடென் , நியாயமான தொழிலாளர் தரநிலைகள் , சுயாதீனமான ஒப்பந்தக்காரர் இறுதி ஆட்சி ,

DOL ESG rules for retirement plans won't be enforced, agency says


DOL won’t enforce Trump-era ESG rules
The two rules were among the most heavily contested measures instituted by the DOL under former Secretary Eugene Scalia, with the 401(k) rule drawing nearly 9,000 public comments, most of which opposed it.
March 10, 2021
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The Department of Labor will not enforce two controversial Trump-era rules that restricted the use of ESG investments in retirement plans, the agency announced Wednesday.
In a statement, the DOL said that it will take a hands-off approach to the recently passed rules, Financial Factors in Selecting Plan Investments and Fiduciary Duties Regarding Proxy Voting and Shareholder Rights. The first pertains to “pecuniary” considerations when vetting investment options within 401(k)s and other defined-contribution plans, while the latter deals with traditional pension plans’ involvement in environmental, social and governance concerns. ....

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Financial Factors in Selecting Plan Investments Under ERISA | Groom Law Group, Chartered


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On November 13, 2020, the Department of Labor (the “Department” or the “DOL”) issued its final regulation entitled
Financial Factors in Selecting Plan Investments (the “Final Regulation” or the “Final Rule”). The purpose of the Final Regulation was, for the first time, to establish by regulation how fiduciaries of plans or accounts covered by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), can comply with ERISA’s fiduciary duty provisions when making investment decisions or recommendations that take into account economic, social or governance (“ESG”) factors. To that end, the Department promulgated a regulation that requires plan fiduciaries to only consider “pecuniary factors” when making fiduciary investment decisions and fiduciary investment recommendations except in very limited circumstances. ....

Anthony Onuoha , Groom Law Group , Department Of Labor The , Financial Factors , Selecting Plan Investments , Final Regulation , Employee Retirement Income Security Act , அந்தோணி ஓன்ுோா , மாப்பிள்ளை சட்டம் குழு , துறை ஆஃப் தொழிலாளர் தி , நிதி காரணிகள் , இறுதி ஒழுங்குமுறை , ஊழியர் ஓய்வு வருமானம் பாதுகாப்பு நாடகம் ,