The U.S. Department of Labor published a request for information seeking public comment on how and if it should take action to protect retirement savings and pensions from risks of climate change.
The new request for information stems from the executive order on climate-related financial risk, which requires the department to identify actions it can take under laws such as the Employee Retirement Income Security Act of 1974 and the Federal Employees' Retirement System Act of 1986, the Department of Labor reported Feb. 11.
“The public and stakeholders in general are a valuable source of information for us. They can help us identify and explore actions to take to better protect the hard-earned retirement savings of America’s families,” Ali Khawar, acting assistant secretary for Employee Benefits, said.
More than $13 trillion in assets are provided oversight under ERISA and FERSA, according to the Department of Labor.
The Employee Benefits Security Administration published the request in February so the public can help determine possible work to secure retirement savings. The information request's comment period lasts until May 16, the department reported.
