US Congress House Bill 2823 (Prior Session Legislation)

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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]

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

Rep. David Roe [R-TN]	Rep. Peter Roskam [R-IL]	Rep. Tim Walberg [R-MI]	Rep. Joe Wilson [R-SC]
Rep. Glenn Grothman [R-WI]	Rep. Sam Johnson [R-TX]	Sen. Roger Marshall [R-KS]	Rep. Pete Sessions [R-TX]
Rep. Darin LaHood [R-IL]	Rep. Joe Barton [R-TX]	Rep. Robert Latta [R-OH]	Rep. Mike Bishop [R-MI]
Rep. Todd Rokita [R-IN]	Rep. Rick Allen [R-GA]	Rep. James Renacci [R-OH]	Rep. Paul Mitchell [R-MI]
Rep. Charles Fleischmann [R-TN]	Rep. John Duncan [R-TN]	Rep. Mike Kelly [R-PA]	Rep. Lou Barletta [R-PA]
Sen. Ted Budd [R-NC]	Rep. Elise Stefanik [R-NY]	Rep. Erik Paulsen [R-MN]	Rep. Kenny Marchant [R-TX]
Rep. Glenn Thompson [R-PA]	Rep. Virginia Foxx [R-NC]	Rep. Brett Guthrie [R-KY]	Rep. Francis Rooney [R-FL]
Rep. Drew Ferguson [R-GA]	Rep. Ron Estes [R-KS]	Rep. Luke Messer [R-IN]

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

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

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/house-bill/2823/all-info
Text	https://www.congress.gov/115/bills/hr2823/BILLS-115hr2823ih.pdf
Text	https://www.congress.gov/115/bills/hr2823/BILLS-115hr2823rh.pdf