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This deregulatory action would supersede and replace the Department of Labor’s prior Interpretive Bulletins on the application of the fiduciary rules in the Employee Retirement Income Security Act of 1974 (ERISA) to pension plan investments selected because they may further collateral economic or social benefits in addition to their investment returns.  The proposal would protect participant and beneficiary interests by confirming that ERISA provides that fiduciary consideration of an investment or investment course of action, including selection of designated investment alternatives in an individual account plan, may not subordinate the interests of participants and beneficiaries in their retirement income to unrelated or collateral goals, preferences, or other factors or objectives.