[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4360 Introduced in Senate (IS)]
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119th CONGRESS
2d Session
S. 4360
To amend the Employee Retirement Income Security Act of 1974 to require
that the Employee Benefit Security Administration make annual reports
to Congress on investigations relating to enforcement and on adverse
interest agreements, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 21, 2026
Mr. Banks (for himself, Mr. Cassidy, Mr. Tuberville, and Mr. Scott of
South Carolina) introduced the following bill; which was read twice and
referred to the Committee on Health, Education, Labor, and Pensions
_______________________________________________________________________
A BILL
To amend the Employee Retirement Income Security Act of 1974 to require
that the Employee Benefit Security Administration make annual reports
to Congress on investigations relating to enforcement and on adverse
interest agreements, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Investigation Status and Governance
for Honest Transparency Act'' or the ``INSIGHT Act''.
SEC. 2. ANNUAL REPORT ON INVESTIGATIONS.
Section 504 of the Employee Retirement Income Security Act of 1974
(29 U.S.C. 1134) is amended by adding at the end the following:
``(f) Report on Investigations.--
``(1) In general.--Not later than December 31 of each year
following the date of enactment of this subsection, the
Secretary shall submit to Congress a report on the status of
cases in enforcement status, including investigations that are
active, or in relation to which the Secretary asserted
investigative authority or engaged in targeted compliance
monitoring, under subsection (a), during the preceding fiscal
year.
``(2) Contents.--
``(A) In general.--The report required under
paragraph (1) shall include the following information
in relation to each investigation under subsection (a):
``(i) The regional or district office, or
any other office, of the Employee Benefit
Security Administration that opened the
investigation.
``(ii) The date the investigation was
opened.
``(iii) The date on which the Secretary
first requested documents from the target of
the investigation.
``(iv) In relation to the date on which the
Secretary first requested documents from the
target of the investigation in relation to such
investigation--
``(I) whether the investigation was
concluded within the 36-month period
beginning on the date of such request;
and
``(II) if such investigation has
not been concluded by the end of such
36-month period--
``(aa) information on why
such investigation has not been
concluded; and
``(bb) the estimated date
of conclusion.
``(B) Excluded information.--The report shall not
include any information that identifies any private
party to the investigation, including any plan, plan
sponsor, fiduciary, service provider, employee, or
participant or beneficiary.
``(C) Conclusion of investigations.--For the
purposes of paragraph (A)(iv), an investigation shall
not be considered concluded until the later of--
``(i) the date on which the Secretary
ceases to assert investigative authority in
relation to such investigation; or
``(ii) if applicable, terminates any
targeted compliance monitoring,
in each case as memorialized in a closing letter
delivered to the target of the investigation or the
party subject to compliance monitoring. In the event
that the issues or topics under investigation change
during the course of an investigation, the Secretary's
continuing assertion of authority under this section
shall be treated as a continuing investigation and not
as a separate investigation.''.
SEC. 3. REPORT ON ADVERSE INTEREST AGREEMENTS.
(a) In General.--Section 504 of the Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1134), as amended by section 2, is
further amended by adding at the end the following:
``(g) Collaboration With Plaintiff Attorneys.--
``(1) In general.--In the event that the Secretary provides
adverse assistance to an individual, prior to providing the
adverse assistance, the Secretary shall--
``(A) enter into a written agreement with the
individual that details the nature and scope of such
assistance; and
``(B) provide a copy of such agreement to any
employer, plan sponsor, or fiduciary that may be
directly and adversely impacted by such assistance.
``(2) Adverse assistance defined.--For purposes of this
subsection, the term `adverse assistance' means assistance or
advice, including the disclosure of information as described in
subsection (a), that is directed specifically toward an
attorney for potential use in a civil action under section
502(a).
``(3) Report.--
``(A) In general.--Not later than 60 days after the
date of enactment of this subsection, and by December
31 of each year that begins after such date, the
Secretary shall submit to Congress a report containing
information on all agreements to provide adverse
assistance in effect for the preceding fiscal year,
including, in relation to each such agreement--
``(i) a copy of the agreement, with any
information described in subparagraph (B)(ii)
redacted;
``(ii) the date the agreement was entered
into;
``(iii) a detailed description of the
nature and scope of the assistance provided
during the fiscal year, including--
``(I) the information shared,
including the source, type, and amount
of the information, and the date on
which such information was shared;
``(II) a log of verbal
communications, including--
``(aa) the date of each
communication;
``(bb) the parties engaged
in such communication;
``(cc) the mode of
communication; and
``(dd) the nature of any
information shared; and
``(III) a log of meetings,
including--
``(aa) the date of each
meeting;
``(bb) the parties present
at the meeting;
``(cc) mode of the meeting;
and
``(dd) the purpose of such
meeting and the nature of any
information shared; and
``(iv) an explanation of how such agreement
is consistent with the public policy of
promoting the voluntary sponsorship of employee
benefit plans subject to this Act.
``(B) Identifying information.--The report
described under paragraph (A)--
``(i) shall identify the parties to each
agreement; and
``(ii) may not include any information that
may be used to identify any other person
(including an employer, plan sponsor, plan
fiduciary, service provider, or any other
potential defendant).''.
(b) Effective Date.--
(1) In general.--Subject to paragraph (2), the amendments
made by this section shall apply to any adverse assistance
provided on or after the date of enactment of this Act.
(2) Existing agreements.--For the purposes of section
504(g)(1) of the Employee Retirement Income Security Act (29
U.S.C. 1134(f)(1)) (as added by subsection (a)), if, not later
than 60 days after the date of enactment of this Act, the
Secretary of Labor takes the actions required in paragraphs (A)
and (B) of such section 504(g)(1) in relation to an existing
arrangement to provide adverse assistance, the Secretary shall
be deemed to have taken such actions prior to providing such
adverse assistance.
SEC. 4. PRIVATE PENSION PLANS AS INTEGRAL TO THE CONTINUED WELL-BEING
AND SECURITY OF EMPLOYEES AND THEIR DEPENDENTS.
Section 2 of the Employee Retirement Income Security Act of 1974
(29 U.S.C. 1001) is amended by adding at the end the following:
``(d) Congress finds that the retirement security of millions of
employees and their dependents is directly impacted by the voluntary
sponsorship and maintenance of pension plans. It is hereby declared to
be a policy of this Act to promote, encourage, and facilitate the
voluntary establishment and maintenance of, and contribution to, such
plans.''.
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