08.11.20
DOL Asks RIAs Questions About Use Of ESG Products
by: Tracey Longo
The DOL has sent enforcement letters to registered investment advisors (RIAs) giving them two-weeks to answer questions about their use of ESG funds in retirement plans over a five-year period. The letter asks RIAs to return five years of detailed information and data regarding their justification for using ESG funds. “ERISA mandates that plan fiduciaries discharge their duties ‘solely in the interest’ and ‘for the exclusive purpose’ of providing benefits to participants and their beneficiaries,” Thomas Licetti, New York regional director of the DOL's Employee Benefits Security Administration, said in the letter.
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