S. 1321 · 115th Congress
Affordable Retirement Advice Protection Act
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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
IsaksonSponsor6 cosponsors · 6 R
6 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 modify requirements related to fiduciaries and the provision of investment advice for employer-sponsored retirement plans.
What it does: CRS summary · Introduced in Senate · Jun 8, 2017
Affordable Retirement Advice Protection Act
This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to modify requirements related to fiduciaries and the provision of investment advice for employer-sponsored 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 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 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 if: (1) no more than reasonable compensation is paid for the advice, and (2) specified disclosures and notifications are provided to the recipient of advice that is based on a limited range of investment options or may result in variable income to the investment advisor.
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 (Jun 8, 2017): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Policy area: Labor and Employment · Origin: Senate · Introduced: Jun 8, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.