3.0.0 1321 2023-01-11T13:37:38Z 2023-01-11T13:37:38Z Senate S 2017-06-08 115 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2017-06-08T19:08:14Z Affordable Retirement Advice for Savers Act 115 2823 HR 2018-03-05 Placed on the Union Calendar, Calendar No. 443. Related bill CRS 2017-06-08 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. IntroReferral 2017-06-08 Introduced in Senate IntroReferral 10000 9 Library of Congress I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA N A000360 Sen. Alexander, Lamar [R-TN] Lamar Alexander R TN 2017-06-08 True E000285 Sen. Enzi, Michael B. [R-WY] MICHAEL ENZI R WY B. 2017-06-08 True H000338 Sen. Hatch, Orrin G. [R-UT] ORRIN HATCH R UT GRANT 2017-06-08 True R000307 Sen. Roberts, Pat [R-KS] PAT ROBERTS R KS 2017-06-08 True S001184 Sen. Scott, Tim [R-SC] Tim Scott R SC 2017-06-08 True Y000064 Sen. Young, Todd [R-IN] Todd Young R IN C. 2017-06-08 True 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 Senate 2017-12-18T18:48:41Z 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.

]]> 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 2017-06-08T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1321is/xml/BILLS-115s1321is.xml 2017-06-08 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.