US HB2823 | 2017-2018 | 115th Congress

Status

Spectrum: Partisan Bill (Republican 31-0)
Status: Introduced on June 8 2017 - 25% progression, died in chamber
Action: 2018-03-05 - Placed on the Union Calendar, Calendar No. 443.
Text: Latest bill text (Introduced) [PDF]

Summary

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.

Tracking Information

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Title

Affordable Retirement Advice for Savers Act

Sponsors


History

DateChamberAction
2018-03-05HousePlaced on the Union Calendar, Calendar No. 443.
2018-03-05HouseCommittee on Ways and Means discharged.
2018-02-02HouseHouse Committee on Ways and Means Granted an extension for further consideration ending not later than March 5, 2018.
2018-01-10HouseHouse Committee on Ways and Means Granted an extension for further consideration ending not later than Feb. 2, 2018.
2017-10-25HouseHouse Committee on Ways and Means Granted an extension for further consideration ending not later than Jan. 10, 2018.
2017-10-25HouseReported (Amended) by the Committee on Education and the Workforce. H. Rept. 115-371, Part I.
2017-07-19HouseOrdered to be Reported (Amended) by the Yeas and Nays: 23 - 17.
2017-07-19HouseCommittee Consideration and Mark-up Session Held.
2017-06-08HouseReferred 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.
2017-06-08HouseReferred 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.
2017-06-08HouseReferred 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.
2017-06-08HouseIntroduced in House

Same As/Similar To

SB1321 (Related) 2017-06-08 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Subjects


US Congress State Sources


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