A number of regulators have been forced to confront the unceasing boom in interest in the use of environmental, social and governance (ESG) criteria in investment decisions, with the E.U. taking proactive measures while the SEC has waited on the sidelines. The DOL entered the fray when it issued amendments (Final Rule) to investment duties under the Employee Retirement Income Security Act of 1974 (ERISA) that explicitly restrict ERISA plan fiduciaries from prioritizing non-pecuniary factors (i.e., ESG criteria) ahead of optimizing financial gains when making investment decisions. To explore the practical implications of the Final Rule for plan fiduciaries, Strafford CLE Webinars recently hosted a program featuring Jeffrey A. Lieberman, counsel at Skadden; and Stroock partners David C. Olstein and Eric Requenez. This second article in a two-part series identifies the five most important changes in the Final Rule and key considerations going forward for plan investors weighing ESG criteria. The first article analyzed the historical context behind the adoption of the Final Rule, while also summarizing the DOL’s information letter on including PE investments in defined contribution plans (e.g., 401(k) plans). For additional commentary from Stroock, see “How to Facilitate a Privacy Compliant Return to Work: Contact Tracing and Fund Manager Considerations (Part Three of Three)” (Oct. 20, 2020); and “Correcting Alpha: Fundamental Flaws of IRR and How Sponsors Can Avoid Distorted Calculations (Part One of Two)” (Nov. 12, 2019).