The Department of Labor has taken two recent actions that indicate where the approach to retirement investment policy may go under the new administration.

By Betty M. Huber, Benjamin Rosemergy, Aryeh Zuber, and Austin J. Pierce

Policy on the appropriate management of retirement funds has not been spared the tide of changes in the political landscape. While the language of the Employee Retirement Income Security Act of 1974 (ERISA) sets the standard for plan fiduciaries to act “solely in the interest of participants and beneficiaries,” the practical implications have been caught up in the national debate around evolving investment concepts — such as environmental, social, and governance (ESG) — and evolving investment products — such as cryptocurrency.

In May 2025, the US Department of Labor (DOL) kicked off two expected actions with regards to retirement policy priorities, reversing the Biden administration’s course on both ESG and cryptocurrency. Understanding these developments, and what they portend, is important for fiduciaries of ERISA plans — which include private sector company-sponsored retirement plans (such as a company’s own defined benefit pension plans and 401(k) plans) and union pension plans — in navigating regulatory compliance at a time when financial markets continue to undergo significant evolution.

For more details, see our Client Alert.