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The Supreme Court ruled Friday that private foundations can't be forced to disclose their investments to retirees in retirement plans.
The decision in Loper Bright Enterprises v.Raimondo was 5-4, with the court's conservative justices in the majority and its liberal justices in the dissent.
Here's what you need to know: The ruling "creates uncertainty," writes Megan McArdle at Bloomberg.
"The combination of the uncertainty that this creates and the conservative majority over responsible investing...
creates a shadow on the ability of retirement plan participants in mind (duty of fiduciary) and individual retirement plan participants in mind (duty of loyalty)."
For example, the Labor Department's rule on responsible investingwhich requires managers of retirement plans to inform plan participants of their social and environmental risks and return characteristicswas reinstated after the Supreme Court's decision.
But the IRS, which enforces tax laws, "carefully scrutinizes activities like trading in securities and investing in working interests in oil and gas wells, and whether investment jeopardizes a foundation's exempt purposes is determined at the time that the investment is made and whether it were to win the lottery, even if it were to win the lottery," writes McArdle.
"This decision creates uncertainty."
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