Bill Sponsor
Senate Bill 1321
115th Congress(2017-2018)
Affordable Retirement Advice Protection Act
Introduced
Introduced
Introduced in Senate on Jun 8, 2017
Overview
Text
Introduced
Jun 8, 2017
Latest Action
Jun 8, 2017
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1321
Congress
115
Policy Area
Labor and Employment
Labor and Employment
Primary focus of measure is matters affecting hiring and composition of the workforce, wages and benefits, labor-management relations; occupational safety, personnel management, unemployment compensation. Measures concerning public-sector employment may fall under Government Operations and Politics policy area.
Sponsorship by Party
Republican
Georgia
Republican
Indiana
Republican
South Carolina
Republican
Wyoming
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

Affordable Retirement Advice Protection Act

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to modify requirements related to fiduciaries and the provision of investment advice for employer-sponsored 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 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 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 if: (1) no more than reasonable compensation is paid for the advice, and (2) specified disclosures and notifications are provided to the recipient of advice that is based on a limited range of investment options or may result in variable income to the investment advisor.

Text (1)
Actions (2)
06/08/2017
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
06/08/2017
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:37:38 PM