09.05.25

EBSA Plans New Rules on ESG, Fiduciary Investment Advice

by: Courtney Degen

The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) released a regulatory agenda, outlining plans for new rules on environmental, social and governance-focused investing and fiduciary investment advice. The agenda includes guidance on how retirement plan fiduciaries may consider ESG factors when selecting investments, revisiting the Biden-era rule that permitted ESG considerations. EBSA also plans to revisit rules on who qualifies as a fiduciary and the best-interest standard for one-time advice like rollovers or annuity purchases. Additional items include implementing aspects of the SECURE Act and SECURE 2.0, such as pooled employer plans and updated reporting requirements, with rulemaking expected by May 2026.

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