In late April, the Department of Labor (“DOL”) released FAB 2018-01 addressing and clarifying previous guidance concerning economically targeted investments (“ETIs”), shareholder engagement and proxy voting.

The general tenor of the 2018 guidance, perhaps reflecting a change in the Administration, is more skeptical of a retirement plan’s pursuit of ETIs and other social goals, while not changing the otherwise applicable law that ETI investments are permissible provided they are otherwise financially reasonable and economically prudent.