DOL Casts Vote Against Previous Proxy Rules Under ERISA

January 25, 2017

The U.S. Department of Labor (the “DOL”), on December 29, 2016, issued Interpretive Bulletin 2016-1 (“IB 2016-1”) under the Employee Retirement Income Security Act of 1974 ("ERISA") regarding the duties of fiduciaries under ERISA-covered employee benefit plans to vote proxies and exercise other shareholder rights. IB 2016-1 withdraws Interpretive Bulletin 2008-2 (“IB 2008-2”) issued by the administration of George W. Bush, and reinstates, with certain changes, its predecessor, Interpretive Bulletin 94-2 (“IB 94-2”).

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