ERISA partner Josh Lichtenstein is quoted in a Dec. 14 Ignites article titled “DOL Does a 180 in Final Proxy-Voting Rule” that discusses the Labor Department’s final rule on retirement plans’ proxy voting, which was released on Dec. 11.
One significant part of the rule for investment managers that did not change from the proposal to the final version deals with commingled, unregistered products, such as collective investment trusts, says Josh. The investment manager must comply with the proxy-voting requirements of all the plans that have invested in the CIT. Or the investment manager can develop its own investment policy statement on proxy voting and require participating plans to accept that policy as a condition of investing in the product, he says.
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