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B-334848 Dec 13, 2022 1 (2022-12-13)

handle is hein.gao/gaooap0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-334848 December 13, 2022 The Honorable Patty Murray Chairwoman The Honorable Richard Burr Ranking Member Committee on Health, Education, Labor, and Pensions United States Senate The Honorable Bobby Scott Chairman The Honorable Virginia Foxx Ranking Member Committee on Education and Labor House of Representatives Subject: Department of Labor, Employee Benefits Security Administration: Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of Labor, Employee Benefits Security Administration (EBSA) entitled Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights (RIN: 1210-AC03). We received the rule on December 1, 2022. It was published in the Federal Register as a final rule on December 1, 2022. 87 Fed. Reg. 73822. The effective date is January 30, 2023. According to EBSA, the final rule clarifies the application of the Employee Retirement Income Security Act of 1974's, 29 U.S.C. § 1001 et seq., fiduciary duties of prudence and loyalty to selecting investments and investment courses of action, including selecting qualified default investment alternatives, exercising shareholder rights, such as proxy voting, and the use of written proxy voting policies and guidelines. EBSA further stated the final rule reverses and modifies certain amendments to the Investment Duties regulation adopted in 2020. Enclosed is our assessment of EBSA's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202) 512-6398. Shirley A. Jones Managing Associate General Counsel

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