The Employee Retirement Income Security ACT (ERISA) sets the rules and regulations for employee benefit (i.e. defined benefit and contribution plans), including the fiduciary duties of pension plan sponsors to vote their proxies in the best interest of their beneficiaries. ERISA is administered by the U.S. Department of Labor (DOL), the federal agency which also oversees employment protections such as occupational safety, wage and hour standards, and unemployment insurance benefits, among other responsibilities With regard to executive compensation, the DOL Employee Benefit Security Administration initially determined that pension funds had a fiduciary obligation to vote all proxies in the best interest of their beneficiaries. This determination in part created the modern proxy advisor firm industry. In 2016, the Employee Benefit Security Administration finalized new fiduciary standards for ERISA fund managers and advisors which would have extended coverage to entities traditionally regulated by the Securities and Exchange Commission.