3.0.0 2502 2023-01-11T13:32:01Z 2023-01-11T13:32:01Z Senate S 2016-02-04 114 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2016-02-04T18:08:24Z Affordable Retirement Advice Protection Act 114 4293 HR 2016-04-20 Placed on the Union Calendar, Calendar No. 391. Related bill CRS SAVERS Act of 2015 114 4294 HR 2016-04-20 Placed on the Union Calendar, Calendar No. 392. Related bill CRS SAVERS Act of 2016 114 2505 S 2016-02-04 Read twice and referred to the Committee on Finance. Related bill CRS 2016-02-04 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. IntroReferral 2016-02-04 Introduced in Senate IntroReferral 10000 9 Library of Congress I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA N K000360 Sen. Kirk, Mark Steven [R-IL] MARK KIRK R IL STEVEN 2016-02-04 True C001095 Sen. Cotton, Tom [R-AR] Tom Cotton R AR 2016-02-04 True D000618 Sen. Daines, Steve [R-MT] Steve Daines R MT 2016-02-04 True W000437 Sen. Wicker, Roger F. [R-MS] Roger Wicker R MS F. 2016-02-04 True A000360 Sen. Alexander, Lamar [R-TN] Lamar Alexander R TN 2016-02-08 False B000575 Sen. Blunt, Roy [R-MO] Roy Blunt R MO 2016-02-10 False E000285 Sen. Enzi, Michael B. [R-WY] MICHAEL ENZI R WY B. 2016-02-10 False P000612 Sen. Perdue, David [R-GA] David Perdue R GA Alfred 2016-02-23 False R000307 Sen. Roberts, Pat [R-KS] PAT ROBERTS R KS 2016-03-08 False F000463 Sen. Fischer, Deb [R-NE] Deb Fischer R NE 2016-03-16 False R000605 Sen. Rounds, Mike [R-SD] Mike Rounds R SD 2016-03-17 False P000449 Sen. Portman, Rob [R-OH] Rob Portman R OH 2016-04-04 False I000024 Sen. Inhofe, James M. [R-OK] Jim Inhofe R OK 2016-04-11 False C001075 Sen. Cassidy, Bill [R-LA] Bill Cassidy R LA 2016-04-13 False A000368 Sen. Ayotte, Kelly [R-NH] Kelly Ayotte R NH 2016-04-18 False S001184 Sen. Scott, Tim [R-SC] Tim Scott R SC 2016-04-20 False Labor and Employment Administrative law and regulatory procedures Department of Labor Employee benefits and pensions Financial services and investments Labor and Employment 00 2016-02-04 Introduced in Senate 2016-03-08T21:32:58Z 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.]]>

Affordable Retirement Advice Protection Act Display Title Affordable Retirement Advice Protection Act Official Title as Introduced A bill to amend the Employee Retirement Income Security Act of 1974 to ensure that retirement investors receive advice in their best interests, and for other purposes. Introduced in Senate IS Short Titles as Introduced Affordable Retirement Advice Protection Act Introduced in Senate 2016-02-04T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s2502is/xml/BILLS-114s2502is.xml 2016-02-04 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.