H.R. 3045 · 112th Congress
Retirement Income Protection Act of 2011
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
CansecoSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Retirement Income Protection Act of 2011 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to declare that no person shall be considered a fiduciary to an employee benefit plan (special entity) by reason of that person's performing any service, act, or duty as a swap dealer, major swap participant, security-based swap dealer, or major…
What it does: CRS summary · Introduced in House · Sep 23, 2011
Retirement Income Protection Act of 2011 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to declare that no person shall be considered a fiduciary to an employee benefit plan (special entity) by reason of that person's performing any service, act, or duty as a swap dealer, major swap participant, security-based swap dealer, or major security-based swap participant with respect to such entity.
Amends the Commodity Exchange Act (CEA) and the Securities Exchange Act of 1934 to redefine "special entity" to exclude from its meaning as well as from certain business conduct standards: (1) employee benefit plans, and (2) any collective investment vehicle in which one or more special entities invest.
Declares that no swap dealer shall be treated as an advisor to a Special Entity (and thus subject to specified duties and restrictions related to fraudulent, deceptive, or manipulative behavior) if: (1) the Special Entity represents in writing that it will not rely on recommendations of the swap dealer, but will rely on advice from an independent representative; and (2) the swap dealer discloses to the Special Entity that it is not undertaking to act in the Special Entity 's best interests. Declares further that no swap dealer shall be considered to act as an advisor to a Special Entity solely by reason of providing information to an independent representative of a Special Entity.
Prescribes criteria for considering a representative of a Special Entity to be independent of a swap dealer.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Retirement Income Protection Act of 2011
Latest action (Nov 18, 2011): Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Sep 23, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.