Labor Department Seeks Input on Climate-Related Financial Risks for Retirement Plans

The Department of Labor filed a request for information today seeking public input on its forthcoming work on retirement savings and climate-related financial risks. The request is intended to assist the department in identifying steps it can take “to further protect the life savings and pensions of U.S. workers and families from the threat of climate-related financial risk.” The RFI stems from an executive order directing DOL to ensure the resilience of retirement savings through regulatory action.

Among the questions for public comment, the RFI asks how DOL should address the protection of retirement savings from climate-related financial risks, as well as what data should be collected from plan sponsors, administrators and service providers.

Other questions DOL is seeking information on include whether the annual reporting Form 5500 or other form or method should be used to collect the data, whether plan administrators should be required to publicly report the steps they take to manage climate-related financial risks and the results and outcomes of any such steps taken. The deadline for comments is May 15.