3.0.0 2823 2023-01-11T13:37:53Z 2023-01-11T13:37:53Z House HR 2017-06-08 115 [Congressional Record Volume 163, Number 98 (Thursday, June 8, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. ROE of Tennessee:H.R. 2823.Congress has the power to enact this legislation pursuantto the following:Article I, section 8 of the Constitution of the UnitedStates[Page H4819]]]> hswm00 Ways and Means Committee House Standing Discharged from 2018-03-05T15:20:34Z Referred to 2017-06-08T14:00:16Z hsed00 Education and the Workforce Committee House Standing Reported by 2017-10-25T23:04:27Z Markup by 2017-07-19T20:03:11Z Referred to 2017-06-08T14:00:11Z H. Rept. 115-371 Affordable Retirement Advice Protection Act 115 1321 S 2017-06-08 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Related bill CRS 2018-03-05 Placed on the Union Calendar, Calendar No. 443. Calendars H12410 2 House floor actions U00443 2018-03-05 Committee on Ways and Means discharged. Discharge H12300 2 House floor actions hswm00 Ways and Means Committee 2018-03-05 Committee on Ways and Means discharged. Committee 5500 9 Library of Congress hswm00 Ways and Means Committee 2018-02-02 House Committee on Ways and Means Granted an extension for further consideration ending not later than March 5, 2018. IntroReferral H11210 2 House floor actions hswm00 Ways and Means Committee 2018-01-10 House Committee on Ways and Means Granted an extension for further consideration ending not later than Feb. 2, 2018. IntroReferral H11210 2 House floor actions hswm00 Ways and Means Committee 2017-10-25 House Committee on Ways and Means Granted an extension for further consideration ending not later than Jan. 10, 2018. IntroReferral H11210 2 House floor actions hswm00 Ways and Means Committee 2017-10-25 Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 115-371, Part I. Committee H12200 2 House floor actions hsed00 Education and the Workforce Committee 2017-10-25 Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 115-371, Part I. Committee 5000 9 Library of Congress hsed00 Education and the Workforce Committee 2017-07-19 hsed00 Education and the Workforce Committee 1 House committee actions Ordered to be Reported (Amended) by the Yeas and Nays: 23 - 17. Committee 2017-07-19 hsed00 Education and the Workforce Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2017-06-08 Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2017-06-08 Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100-A 9 Library of Congress 2017-06-08 Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2017-06-08 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-06-08 Introduced in House IntroReferral 1000 9 Library of Congress R000582 Rep. Roe, David P. [R-TN-1] David Roe R TN P. 1 N R000580 Rep. Roskam, Peter J. [R-IL-6] Peter Roskam R IL J. 6 2017-06-08 True W000798 Rep. Walberg, Tim [R-MI-7] Tim Walberg R MI 7 2017-06-08 True W000795 Rep. Wilson, Joe [R-SC-2] Joe Wilson R SC 2 2017-06-08 True G000576 Rep. Grothman, Glenn [R-WI-6] Glenn Grothman R WI 6 2017-06-12 False J000174 Rep. Johnson, Sam [R-TX-3] SAM JOHNSON R TX 3 2017-06-12 False M001198 Rep. Marshall, Roger [R-KS-1] Roger Marshall R KS 1 2017-06-12 False S000250 Rep. Sessions, Pete [R-TX-32] PETE SESSIONS R TX 32 2017-06-12 False L000585 Rep. LaHood, Darin [R-IL-18] Darin LaHood R IL 18 2017-06-12 False B000213 Rep. Barton, Joe [R-TX-6] JOE BARTON R TX L. 6 2017-06-12 False L000566 Rep. Latta, Robert E. [R-OH-5] Robert Latta R OH E. 5 2017-06-12 False B001293 Rep. Bishop, Mike [R-MI-8] Mike Bishop R MI 8 2017-06-15 False R000592 Rep. Rokita, Todd [R-IN-4] Todd Rokita R IN 4 2017-06-15 False A000372 Rep. Allen, Rick W. [R-GA-12] Rick Allen R GA W. 12 2017-06-22 False R000586 Rep. Renacci, James B. [R-OH-16] James Renacci R OH B. 16 2017-06-22 False M001201 Rep. Mitchell, Paul [R-MI-10] Paul Mitchell R MI 10 2017-06-22 False F000459 Rep. Fleischmann, Charles J. "Chuck" [R-TN-3] Charles Fleischmann R TN J. "Chuck" 3 2017-06-22 False D000533 Rep. Duncan, John J., Jr. [R-TN-2] JOHN DUNCAN R TN J. 2 2017-06-22 False K000376 Rep. Kelly, Mike [R-PA-3] Mike Kelly R PA 3 2017-06-22 False B001269 Rep. Barletta, Lou [R-PA-11] Lou Barletta R PA 11 2017-06-23 False B001305 Rep. Budd, Ted [R-NC-13] Ted Budd R NC 13 2017-06-27 False S001196 Rep. Stefanik, Elise M. [R-NY-21] Elise Stefanik R NY M. 21 2017-06-27 False P000594 Rep. Paulsen, Erik [R-MN-3] Erik Paulsen R MN 3 2017-06-28 False M001158 Rep. Marchant, Kenny [R-TX-24] Kenny Marchant R TX 24 2017-06-28 False T000467 Rep. Thompson, Glenn [R-PA-5] Glenn Thompson R PA 5 2017-07-17 False F000450 Rep. Foxx, Virginia [R-NC-5] Virginia Foxx R NC 5 2017-07-17 False G000558 Rep. Guthrie, Brett [R-KY-2] Brett Guthrie R KY 2 2017-07-17 False R000607 Rep. Rooney, Francis [R-FL-19] Francis Rooney R FL 19 2017-07-19 False F000465 Rep. Ferguson, A. Drew, IV [R-GA-3] A. Ferguson R GA Drew 3 2017-07-19 False E000298 Rep. Estes, Ron [R-KS-4] Ron Estes R KS 4 2017-07-19 False M001189 Rep. Messer, Luke [R-IN-6] Luke Messer R IN 6 2017-10-24 False 2017-09-19T15:05:22Z H.R. 2823, Affordable Retirement Advice for Savers Act https://www.cbo.gov/publication/53121 As ordered reported by the House Committee on Education and the Workforce on July 19, 2017 Labor and Employment Administrative law and regulatory procedures Department of Labor Employee benefits and pensions Financial services and investments Labor and Employment 00 2017-06-08 Introduced in House 2017-11-01T16:59:21Z 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.

]]> 18 2017-10-25 Reported to House amended, Part I 2018-03-16T13:53:49Z 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.

]]> Affordable Retirement Advice for Savers Act Display Title Affordable Retirement Advice for Savers Act Official Title as Introduced To amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to ensure that retirement investors receive advice in their best interests, and for other purposes. Introduced in House IH Short Titles as Introduced Affordable Retirement Advice for Savers Act Short Titles as Reported to House Affordable Retirement Advice for Savers Act H House Reported in House 2018-03-05T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr2823rh/xml/BILLS-115hr2823rh.xml Introduced in House 2017-06-08T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr2823ih/xml/BILLS-115hr2823ih.xml 2018-03-05 Placed on the Union Calendar, Calendar No. 443. 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.