S. 2502 · 114th Congress
Affordable Retirement Advice Protection Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
IsaksonSponsor16 cosponsors · 16 R
R
Cotton
SD
R
Daines
MK
R
Kirk
RW
R
Wicker
LA
R
Alexander
RB
R
Blunt
ME
R
Enzi
DP
R
Perdue
PR
R
Roberts
DF
R
Fischer
MR
R
Rounds
RP
R
Portman
JI
R
Inhofe
BC
R
Cassidy
KA
R
Ayotte
TS
R
Scott4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to define "investment advice," as it relates to fiduciary duties under such Act, as a recommendation that relates to: (1) the advisability of acquiring, holding, disposing, or exchanging any moneys or other property of a pension plan (or Individual Retirement Account) by the plan,…
What it does: CRS summary · Introduced in Senate · Feb 4, 2016
Affordable Retirement Advice Protection Act
This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to define "investment advice," as it relates to fiduciary duties under such Act, as a recommendation that relates to: (1) the advisability of acquiring, holding, disposing, or exchanging any moneys or other property of a pension plan (or Individual Retirement Account) by the plan, plan participants, or plan beneficiaries, including any recommendation regarding whether to take a distribution of benefits from the plan or any recommendation relating to a rollover or distribution from such plan; (2) the management of moneys or other property of the plan, including recommendations relating to the management of plan assets to be rolled over or otherwise distributed from the plan; or (3) the advisability of retaining or ceasing to retain a person who would receive a fee or other compensation for providing investment advice. Investment advice must be rendered pursuant to either: (1) a written acknowledgment of the obligation of the investment advisor to act in accordance with fiduciary standards under ERISA; or (2) a mutual agreement, arrangement, or understanding that may include limitations on scope, timing, and responsibility to provide ongoing monitoring or advice services.
The bill allows an exemption from ERISA prohibited transactions rules for investment advice: (1) for which no more than reasonable compensation is paid; or (2) that is based on a limited range of investment options or may result in variable income to the investment advisor if a clearly-stated notice is provided to the advice recipient that the same or similar investments may be available at a greater or lesser cost from other sources.
The bill prohibits the Department of Labor from amending any rules or administrative positions regarding investment advice promulgated under ERISA and no such rules or administrative positions promulgated prior to the enactment date of this Act, but not effective on January 1, 2015, may become effective unless a bill or joint resolution specifically approving such rules or positions is enacted not later than 60 days after the enactment of this Act.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Affordable Retirement Advice Protection Act
Latest action (Feb 4, 2016): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Policy area: Labor and Employment · Origin: Senate · Introduced: Feb 4, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.