The rule involves state 401(k) investment funds.
The attorney general of Utah is leading a coalition of 25 states in a suit that seeks to stop a rule change by the Labor Department involving how states invest 401(k) funds. The proposal urges fund managers to consider environmental, social, and governance (ESG) when choosing investments.
The suit states that the rule violates federal law and that the department is overstepping its authority with the guidance. The suit argues that the rule would undermine protections for retirement savers and put millions of investment dollars at risk.
The rule, which was announced in November, has a scheduled effective date of January 30. Utah Attorney General Sean Reyes said that the president’s administration needs to be stopped from “putting everyday people’s retirement money at risk.”
As the Lord Leads, Pray with Us…
- For wisdom for the judges hearing the lawsuit regarding retirement investment rules.
- For Secretary Walsh to seek God’s direction as he heads the Department of Labor.
- For the attorneys general of the states as they try to safeguard the retirement investments of ordinary people.
Sources: CNN, Washington Examiner, Pensions & Investments
