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DOL Issues ERISA Fiduciary Guidance on Proxy Advisory Services

The US Department of Labor issued Technical Release 2026-01 on April 15, 2026, providing guidance on the application of ERISA fiduciary requirements and preemption provisions to proxy advisory services for ERISA-governed retirement plans. DOL takes the position that proxy advisory firms commonly qualify as investment advice fiduciaries under ERISA Section 3(21)(A)(ii) and as functional fiduciaries under ERISA Section 3(21)(A)(i) when exercising authority over proxy voting for plan shares. The release also addresses when state laws regulating proxy advisory firms are preempted by ERISA.