Plan sponsors need to be aware of the impact of the adoption of target date funds as the default investment option in plans and make decisions accordingly, according to a new report.

"Our strategy is to send a message to other insurance companies that they have an obligation to pay under those statutes," said Steven Adler, a partner at Mandelbaum Barrett.

Without preparation, companies could flub the next few years, putting office use into even more confusion.

While the latest DOL ruling on ESG implementation in retirement plans is an enormous step forward, more guidance is needed. However, there are several approaches and options that are essential for plan sponsors to keep in mind.