US Congress Senate Bill 2502 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Republican 17)
Status: Introduced on February 4 2016 - 25% progression, died in committee
Action: 2016-02-04 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Pending: Senate Health, Education, Labor, And Pensions Committee
Text: Latest bill text (Introduced) [PDF]

Affordable Retirement Advice Protection Act This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to define "investment advice," as it relates to fiduciary duties under such Act, as a recommendation that relates to: (1) the advisability of acquiring, holding, disposing, or exchanging any moneys or other property of a pension plan (or Individual Retirement Account) by the plan, plan participants, or plan 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; (2) 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 (3) 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 investment advisor to act in accordance 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: (1) for which no more than reasonable compensation is paid; or (2) that is based on a limited range of investment options or may result in variable income to the investment advisor if a clearly-stated notice is provided to the advice recipient that the same or similar investments may be available at a greater or lesser cost from other sources. The bill prohibits the Department of Labor from amending any rules or administrative positions regarding investment advice promulgated under ERISA and no such rules or administrative positions promulgated prior to the enactment date of this Act, but not effective on January 1, 2015, may become effective unless a bill or joint resolution specifically approving such rules or positions is enacted not later than 60 days after the enactment of this Act.

Affordable Retirement Advice Protection Act

Sen. Johnny Isakson [R-GA]	Sen. Mark Kirk [R-IL]	Sen. Tom Cotton [R-AR]	Sen. Steve Daines [R-MT]
Sen. Roger Wicker [R-MS]	Sen. Lamar Alexander [R-TN]	Sen. Roy Blunt [R-MO]	Sen. Michael Enzi [R-WY]
Sen. David Perdue [R-GA]	Sen. Pat Roberts [R-KS]	Sen. Deb Fischer [R-NE]	Sen. Mike Rounds [R-SD]
Sen. Rob Portman [R-OH]	Sen. James Inhofe [R-OK]	Sen. Bill Cassidy [R-LA]	Sen. Kelly Ayotte [R-NH]
Sen. Tim Scott [R-SC]

Date	Chamber	Action
2016-02-04	Senate	Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

HB4293 (Related) 2016-04-20 - Placed on the Union Calendar, Calendar No. 391.
HB4294 (Related) 2016-04-20 - Placed on the Union Calendar, Calendar No. 392.
SB2505 (Related) 2016-02-04 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/2502/all-info
Text	https://www.congress.gov/114/bills/s2502/BILLS-114s2502is.pdf