North America’s Building Trades Unions (NABTU) commends Secretary Acosta and the Department of Labor for yesterday’s Field Assistance Bulletin (2018-01) that clarifies its 2015 Interpretative Bulletin (2015-01) related to Economically Targeted Investments. Importantly, 2018-01 notes that investments that generate real economic returns, such as infrastructure and real estate, are properly considered by prudent fiduciaries for their impact on the economic interests of the plan, its participants and beneficiaries.

Among defined benefit plans, multiemployer pensions are unique in that an asset allocation in infrastructure and real estate can be used to provide market returns while generating significant new plan assets. This furthers the economic interests of the plans as well as those of the participants and beneficiaries. The Field Assistance Bulletin provides important authoritative guidance to DOL, plan trustees and fiduciaries, and the consulting community that advise multiemployer pensions.