Our 2025 Regulatory Update series now examines the Department of Labor, where new leadership and a deregulatory agenda are reshaping retirement policy enforcement.
The Department of Labor (DOL) has undergone significant changes in 2025, with new leadership at the Employee Benefits Security Administration (EBSA) signaling a shift toward deregulation and reduced litigation. Daniel Aronowitz, the new EBSA head, has pledged to end “regulation by litigation” and focus on revisiting key regulatory positions, including ESG investing and the fiduciary rule.
The DOL’s new fiduciary rule, introduced in early 2024, faced immediate legal challenges and is currently on hold pending court review. The agency has requested multiple pauses in litigation, suggesting it may ultimately withdraw or revise the rule. Similarly, the DOL is reviewing the Biden-era ESG rule, which allows—but does not require—fiduciaries to consider environmental, social, and governance factors in investment decisions. Legal challenges continue, and the DOL’s latest priority list indicates an intent to replace both the ESG and fiduciary rules.
Other notable developments include the rescinding of 2022 guidance on cryptocurrency investments in retirement plans, signaling a more neutral stance. The DOL also filed an amicus brief supporting plan sponsors’ use of forfeitures to offset employer contributions—a long-standing and permitted practice under ERISA.
For plan sponsors, these regulatory shifts underscore the importance of staying informed and agile. The pendulum of enforcement and guidance continues to swing, impacting fiduciary responsibilities and investment options.
With the DOL’s evolving stance, plan sponsors must stay agile and informed. The regulatory pendulum continues to swing, impacting fiduciary responsibilities and investment options.
Get the full story—download the complete 2025 Regulatory Update.
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