[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2958 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 2958
To amend the Employee Retirement Income Security Act of 1974 to require
that the Employee Benefit Security Administration submit an annual
report to Congress on adverse interest agreements, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 17, 2025
Mr. Rulli introduced the following bill; which was referred to the
Committee on Education and Workforce
_______________________________________________________________________
A BILL
To amend the Employee Retirement Income Security Act of 1974 to require
that the Employee Benefit Security Administration submit an annual
report to Congress on adverse interest agreements, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Balance the Scales Act''.
SEC. 2. REPORT ON ADVERSE INTEREST AGREEMENTS.
(a) In General.--Section 504 of the Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1134) is amended by adding at the end
the following:
``(f) Collaboration With Plaintiff Attorneys.--
``(1) In general.--In the event that the Secretary provides
adverse assistance to an individual, prior to providing the
adverse assistance, the Secretary shall--
``(A) enter into a written agreement with the
individual that details the nature and scope of such
assistance, and
``(B) provide a copy of such agreement to any
employer, plan sponsor, or fiduciary that may be
directly and adversely impacted by such assistance.
``(2) Adverse assistance defined.--For purposes of this
subsection, the term `adverse assistance' means assistance or
advice, including the disclosure of information as described in
subsection (a), that is directed specifically toward an
attorney for potential use in a civil action under section
502(a).
``(3) Report.--
``(A) In general.--Not later than 60 days after the
date of enactment of this subsection, and by December
31 of each year that begins after such date, the
Secretary shall submit to Congress a report containing
information on all agreements to provide adverse
assistance in effect for the preceding fiscal year,
including, in relation to each such agreement--
``(i) a copy of the agreement, with any
information described in subparagraph (B)(ii)
redacted;
``(ii) the date the agreement was entered
into;
``(iii) a detailed description of the
nature and scope of the assistance provided
during the fiscal year, including--
``(I) the information shared,
including the source, type, and amount
of the information, and the date on
which such information was shared;
``(II) a log of verbal
communications, including--
``(aa) the date of each
communication;
``(bb) the parties engaged
in such communication;
``(cc) the mode of
communication; and
``(dd) the nature of any
information shared; and
``(III) a log of meetings,
including--
``(aa) the date of each
meeting;
``(bb) the parties present
at the meeting;
``(cc) mode of the meeting;
and
``(dd) the purpose of such
meeting and the nature of any
information shared; and
``(iv) an explanation of how such agreement
is consistent with the public policy of
promoting the voluntary sponsorship of employee
benefit plans subject to this Act.
``(B) Identifying information.--The report
described under paragraph (A)--
``(i) shall identify the parties to each
agreement; and
``(ii) may not include any information that
may be used to identify any other person
(including an employer, plan sponsor, plan
fiduciary, service provider, or any other
potential defendant).''.
(b) Effective Date.--
(1) In general.--Subject to subsection (b), the amendments
made by this section shall apply to any adverse assistance
provided on or after the date of enactment of this Act.
(2) Existing agreements.--For the purposes of section
504(f)(1) (as added by this section) of the Employee Retirement
Income Security Act (29 U.S.C. 1134(f)(1)), if, not later than
60 days after the date of enactment of this Act, the Secretary
of Labor takes the actions required in paragraphs (A) and (B)
of such paragraph in relation to an existing arrangement to
provide adverse assistance, the Secretary shall be deemed to
have taken such actions prior to providing such adverse
assistance.
SEC. 3. PRIVATE PENSION PLANS AS INTEGRAL TO THE CONTINUED WELL-BEING
AND SECURITY OF EMPLOYEES AND THEIR DEPENDANTS.
Section 2 of the Employee Retirement Income Security Act of 1974
(29 U.S.C. 1001) is amended by adding at the end the following:
``(d) Congress finds that the retirement security of millions of
employees and their dependents is directly impacted by the voluntary
sponsorship and maintenance of pension plans. It is hereby declared to
be a policy of this Act to promote, encourage, and facilitate the
voluntary establishment and maintenance of, and contribution to, such
plans.''.
<all>