On October 22, 2015, the U.S. Department of Labor announced new ERISA guidance for private pension funds that will enable fiduciaries to consider economic, environmental, social and governance concerns in addition to financial return when making investments—unlocking a significant source of new capital for socially responsible businesses and funds.

The US National Advisory Board on Impact Investing (US NAB) supports policies such as this one that elevate rather than impede effective public and private solutions to our most pressing social and environmental challenges. This document is a primer on ERISA and the changing dynamics of fiduciary duty, and it is sourced from the US NAB report, Private Capital Public Good: How Smart Federal Policy Can Galvanize Impact Investing — and Why It’s Urgent.