DOL Issues New Guidance Targeting Retirement Plan Proxy Voting and Proxy Advisory Services

On April 15, 2026, the US Department of Labor (“DOL”) issued Technical Release 2026-01 , which provides guidance on the “application of ERISA's fiduciary requirements and preemption provisions to proxy advisory services.” The Technical Release follows President Donald Trump’s December 2025 Executive Order, which directed DOL to update its regulations and guidance regarding proxy advisors and proxy voting with respect to ERISA-governed plans.... By: Mayer Brown