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Bill115th CongressFiled Jun 8, 2017Labor and Employment
H.R. 2823

Affordable Retirement Advice for Savers Act

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary reported to house amended, part i (Oct 25, 2017)

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.

What just happenedMar 5, 2018

Placed on the Union Calendar, Calendar No. 443.

Who’s behind it

Rep. Roe, David P. [R-TN-1](R-TN)Sponsor
30 cosponsors30 R
Read on Congress.gov
30cosponsors2committees15actions1related bills4subjects
  1. Mar 5, 2018CalendarsH12410

    Placed on the Union Calendar, Calendar No. 443.

  2. Mar 5, 2018DischargeH12300

    Committee on Ways and Means discharged.

    Ways and Means Committee
  3. Mar 5, 2018Committee5500

    Committee on Ways and Means discharged.

    Ways and Means Committee
  4. Feb 2, 2018IntroReferralH11210

    House Committee on Ways and Means Granted an extension for further consideration ending not later than March 5, 2018.

    Ways and Means Committee
  5. Jan 10, 2018IntroReferralH11210

    House Committee on Ways and Means Granted an extension for further consideration ending not later than Feb. 2, 2018.

    Ways and Means Committee
  6. Oct 25, 2017IntroReferralH11210

    House Committee on Ways and Means Granted an extension for further consideration ending not later than Jan. 10, 2018.

    Ways and Means Committee
  7. Oct 25, 2017CommitteeH12200

    Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 115-371, Part I.

    Education and the Workforce Committee
  8. Oct 25, 2017Committee5000

    Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 115-371, Part I.

    Education and the Workforce Committee
  9. Jul 19, 2017Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 23 - 17.

    Education and the Workforce Committee
  10. Jul 19, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Education and the Workforce Committee
  11. Jun 8, 2017IntroReferralH11100

    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.

    Ways and Means Committee
  12. Jun 8, 2017IntroReferralH11100-A

    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.

  13. Jun 8, 2017IntroReferralH11100

    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.

    Education and the Workforce Committee
  14. Jun 8, 2017IntroReferralIntro-H

    Introduced in House

  15. Jun 8, 2017IntroReferral1000

    Introduced in House

Reported to House amended, Part IOct 25, 201718

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.

Introduced in HouseJun 8, 2017

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 — Informed