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Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Affordable Retirement Advice Protection Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Employee Retirement Income Security Act of 1974 to ensure that retirement investors receive advice in their best interests, and for other purposes.


Actions Overview (1)

Date
06/08/2017Introduced in Senate

All Actions (1)

Date
06/08/2017Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Action By: Senate

Cosponsors (6)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Alexander, Lamar [R-TN]* 06/08/2017
Sen. Enzi, Michael B. [R-WY]* 06/08/2017
Sen. Hatch, Orrin G. [R-UT]* 06/08/2017
Sen. Roberts, Pat [R-KS]* 06/08/2017
Sen. Scott, Tim [R-SC]* 06/08/2017
Sen. Young, Todd C. [R-IN]* 06/08/2017

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Health, Education, Labor, and Pensions06/08/2017 Referred to

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Subjects (5)


Latest Summary (1)

There is one summary for S.1321. View summaries

Shown Here:
Introduced in Senate (06/08/2017)

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.