On December 28, 2016, the DOL issued Interpretive Bulletin 2016-01 updating guidance on proxy voting and the exercise of other shareholder rights under ERISA. Under the new guidance, Interpretive Bulletin 2008-2 is withdrawn and the principles of Interpretive Bulletin 94-2 are generally reinstated. The intent of Bulletin 2016-01 is to eliminate any misunderstanding introduced by Bulletin 2008-2 that fiduciaries must perform a cost-benefit analysis before exercising proxy votes and other shareholder rights.