119 S1728 IS: Employee Ownership Representation Act of 2025 U.S. Senate 2025-05-13 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II119th CONGRESS1st SessionS. 1728IN THE SENATE OF THE UNITED STATESMay 13, 2025Mr. Cassidy introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and PensionsA BILLTo amend the Employee Retirement Income Security Act of 1974 to expand the membership of the Advisory Council on Employee Welfare and Pension Benefit Plans to include representatives of employee ownership organizations.

1.

Short title

This Act may be cited as the Employee Ownership Representation Act of 2025.

2.

Expansion of the ERISA Advisory Council

(a)

In general

Section 512(a) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1142(a)) is amended—(1)in paragraph (1)—(A)by striking fifteen members and inserting 17 members; and(B)by striking eight members and inserting 10 members; and(2)in paragraph (3), by inserting two shall be representatives of employee ownership organizations; after pension plan;.(b)

Effective date

Not later than 1 year after the date of enactment of this Act, the Secretary of Labor shall nominate the first 2 representatives of employee ownership organizations authorized to serve as members of the Advisory Council on Employee Welfare and Pension Benefit Plans under section 512(a) of the Employee Retirement Income Security Act of 1974 (29 1142(a)), as amended by subsection (a).