H.R. 2823 · 115th Congress
Affordable Retirement Advice for Savers Act
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
RoeSponsor30 cosponsors · 30 R
R
Roskam
JW
R
Wilson
TW
R
Walberg
JB
R
Barton
GG
R
Grothman
SJ
R
Johnson
RL
R
Latta
DL
R
LaHood
RM
R
Marshall
PS
R
Sessions
MB
R
Bishop
TR
R
Rokita
RA
R
Allen
JD
R
Duncan
CF
R
Fleischmann
MK
R
Kelly
PM
R
Mitchell
JR
R
Renacci
LB
R
Barletta
TB
R
Budd
ES
R
Stefanik
KM
R
Marchant
EP
R
Paulsen
VF
R
Foxx
BG
R
Guthrie
GT
R
Thompson
RE
R
Estes
AF
R
Ferguson
FR
R
Rooney
LM
R
Messer3 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) and the Internal Revenue Code (IRC) to modify requirements related to fiduciaries and the provision of investment advice for pension and retirement plans.
What it does: CRS summary · Reported to House amended, Part I · Oct 25, 2017
Affordable Retirement Advice for Savers Act
This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (IRC) to modify requirements related to fiduciaries and the provision of investment advice for pension and retirement plans. (Under current law, a person who provides investment advice has a fiduciary obligation that requires the person to provide advice in the sole interest of plan participants and beneficiaries.)
The bill nullifies several regulations that are commonly referred to as "the fiduciary rule" and broadened the types of investment advice that impose a fiduciary obligation with respect to the plans.
The bill defines "investment advice" as a recommendation that relates to:
- the advisability of acquiring, holding, disposing, or exchanging any moneys or other property of a plan by the plan, participants, or 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;
- 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
- 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 advisor to comply with fiduciary standards; 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 establishes exemptions to the prohibited transactions rules under ERISA and the IRC for advice that meets certain requirements for reasonable compensation, disclosures, and recommendations that are in the best interest of the plan or recipient of the advice.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Affordable Retirement Advice for Savers Act
Latest action (Mar 5, 2018): Placed on the Union Calendar, Calendar No. 443.
Policy area: Labor and Employment · Origin: House · Introduced: Jun 8, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.