119-hr2958

[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.''.
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