US EBSA News Releases

Proxy Advisors Declared Investment Advice Fiduciaries Under ERISA

The U.S. Department of Labor's Employee Benefits Security Administration issued a Technical Release declaring that proxy advisory firms commonly engage in conduct that meets the test for investment advice fiduciaries under ERISA's five-part test. The guidance specifically addresses Institutional Shareholder Services and Glass, Lewis & Co., two foreign companies controlling more than 90 percent of the proxy advisory market. The Technical Release also extends beyond proxy advisors to examine when large asset managers, sovereign wealth funds, and other market participants may qualify as investment advice fiduciaries under ERISA.

DOL Proposes Rule Expanding 401(k) Access to Alternative Investments

The Department of Labor's Employee Benefits Security Administration has published a proposed rule to establish process-based safe harbors for 401(k) plan fiduciaries selecting designated investment alternatives, including alternative assets such as private equity, real estate, and cryptocurrency. The proposal implements President Trump's Executive Order on democratizing access to alternative investments and explicitly reverses the Biden-era 2022 compliance release that discouraged cryptocurrency options in retirement plans. Plan fiduciaries would need to objectively, thoroughly, and analytically evaluate factors including performance, fees, liquidity, valuation, benchmarks, and complexity when selecting investment alternatives. The rule could affect more than 90 million Americans covered by 401(k) plans and approximately $13.8 trillion in retirement plan assets.

Field Assistance Bulletin 2026-01 Updates EBSA Enforcement Priorities

The Department of Labor's EBSA issued Field Assistance Bulletin 2026-01 on April 14, 2026, replacing prior enforcement priority guidance and establishing four new guiding principles for its employee benefits enforcement program. The FAB signals a shift away from second-guessing prudent fiduciary discretion toward even-handed, fair enforcement grounded in statutory language, agency guidance, and established case law. Employers, plan fiduciaries, and benefits service providers should review FAB 2026-01 to understand which conduct EBSA will prioritize and how the four enforcement principles — focusing on egregious harm, avoiding regulation-by-enforcement, requiring senior review of critical initiatives, and ensuring timely response — may affect future compliance expectations.