Bill Text: OR HB2728 | 2013 | Regular Session | Introduced
Bill Title: Relating to retirement planning information; declaring an emergency.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2013-07-08 - In committee upon adjournment. [HB2728 Detail]
Download: Oregon-2013-HB2728-Introduced.html
77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session NOTE: Matter within { + braces and plus signs + } in an amended section is new. Matter within { - braces and minus signs - } is existing law to be omitted. New sections are within { + braces and plus signs + } . LC 2293 House Bill 2728 Sponsored by Representative HOLVEY SUMMARY The following summary is not prepared by the sponsors of the measure and is not a part of the body thereof subject to consideration by the Legislative Assembly. It is an editor's brief statement of the essential features of the measure as introduced. Directs Department of Consumer and Business Services to register retirement investment vendors and establish website for retirement planning information. Declares emergency, effective on passage. A BILL FOR AN ACT Relating to retirement planning information; and declaring an emergency. Be It Enacted by the People of the State of Oregon: SECTION 1. { + As used in sections 1 to 3 of this 2013 Act: (1) 'Retirement investment vendor' means a private business entity or individual that enrolls small businesses and individuals in, or offers for sale, retirement planning products in this state. (2) 'Retirement planning product' includes but is not limited to pension, profit-sharing, retirement or other employment-related benefit plans, annuity contracts or investment securities. The Department of Consumer and Business Services may further define 'retirement planning product' by rule. + } SECTION 2. { + (1) The Department of Consumer and Business Services shall establish a registry of retirement investment vendors. (2) To be eligible for registration, a retirement investment vendor must provide to the department: (a) Evidence sufficient to the department that the vendor is certified by an organization certifying securities dealers approved by the department. (b) A description of the vendor's experience in offering retirement planning products in Oregon. (c) A description of the retirement planning products the vendor offers. (d) A disclosure of all expenses paid directly or indirectly by retirement planning product participants, including but not limited to penalties for early withdrawals, declining or fixed withdrawal charges, surrender or deposit charges, management fees and annual fees. (e) Other information required by the department. (3) The department may charge a reasonable fee to register a retirement investment vendor under this section. Fees charged to a vendor under this subsection shall be deposited into the Consumer and Business Services Fund created by ORS 705.145. (4) The department shall require a retirement investment vendor participating in the clearinghouse to renew the vendor's registration at least annually. + } SECTION 3. { + (1) The Department of Consumer and Business Services shall establish a website that provides information about retirement planning products, and services and resources related to retirement planning, that are offered by retirement investment vendors registered under section 2 of this 2013 Act. (2) The website must include a table that shows, for each retirement planning product offered by a registered retirement investment vendor, the total fee cost, in dollars, that would be incurred by an investor that initially invests $5,000, earns a five percent rate of return and maintains the investment for periods of 1, 5, 10, 15 and 20 years. (3) The table described in subsection (2) of this section must be accompanied by a statement explaining that the assumed rate of return is included for purposes of illustrating the respective impacts of different fee amounts on each investment and is not included to predict future investment returns. (4) If the department determines that information about a retirement planning product provided by a retirement investment vendor for inclusion on the website is inaccurate, the department shall notify the retirement investment vendor. If the retirement investment vendor does not correct the inaccurate information within 60 days of the date of the notice, the department shall remove the retirement planning product from the website. (5) A retirement investment vendor may not charge a fee relating to a retirement planning product that is not disclosed on the website established under this section. (6) The department, the Secretary of State and the State Treasurer shall each include on their website a link to the website established under this section. + } SECTION 4. { + (1) Sections 1 to 3 of this 2013 Act become operative on January 1, 2014. (2) The Department of Consumer and Business Services may take any action before the operative date specified in subsection (1) of this section to enable the department to exercise, on and after the operative date specified in subsection (1) of this section, all the duties, functions and powers conferred on the department by sections 1 to 3 of this 2013 Act. + } SECTION 5. { + This 2013 Act being necessary for the immediate preservation of the public peace, health and safety, an emergency is declared to exist, and this 2013 Act takes effect on its passage. + } ----------