S 1978 · 107th Congress 2001–2003, ended

Retirement Security Advice Act of 2002

Introduced Mar 1, 2002 Originated Senate Sponsor Tim Hutchinson R-AR

Latest action · Mar 1, 2002 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S1394-1396)

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedMar 1, 2002
Passed SenateNot reached
Passed HouseNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Retirement Security Advice Act of 2002 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to allow prohibited transaction exemptions under specified conditions to: (1) a fiduciary adviser's providing certain investment advice to an employee benefit plan or to a participant or beneficiary of such plan; (2) sale, acquisition, or holding of securities or other property (including any lending of money or other extension of credit associated with these) pursuant to such advice; and (3) direct or indirect receipt of fees or other compensation by the fiduciary adviser or an affiliate in connection with providing such advice.

Qualifies the following as such fiduciary advisers if they satisfy applicable laws: (1) registered investment advisers; (2) banks; (3) insurance companies; (4) registered broker-dealers; (5) affiliates of such entities; or (6) employees, agents, or registered representatives of such entities. Requires fiduciary advisers to keep for six years records necessary to determine whether the conditions of the exemption have been met.

Requires such a fiduciary adviser to disclose: (1) fees or other compensation it receives relating to the provision of investment advice or a resulting sale or acquisition of securities or other property, including from third parties; (2) any interest it has and its affiliates have in any security or other property recommended, purchased, or sold; (3) any limitation placed on its ability to provide advice; (4) the advisory services offered; (5) that it is acting as a fiduciary of the plan in connection with the provision of such advice; and (6) any information required to be disclosed under applicable securities laws. Requires such disclosure to be: (1) written to be understandable by the average plan participant; and (2) maintained in currently accurate form.

Allows any such investment advice provided to participants or beneficiaries to be implemented only at their direction. Requires the terms of the transaction to be at least as favorable to the plan as an arm's length transaction would be. Requires to be reasonable any compensation received by the fiduciary adviser and its affiliates in connection with any transaction.

Requires such a fiduciary adviser to provide the plan sponsor a written acknowledgment that it is acting as a fiduciary of the plan. Exempts from the duty to monitor the specific investment advice given by the fiduciary adviser a plan sponsor or other fiduciary that arranges for a fiduciary adviser to provide investment advice to participants and beneficiaries, if certain conditions are met under this Act. Declares that the plan sponsor or other fiduciary retains the duty of prudent selection and periodic review of the fiduciary adviser. Allows plan assets to be used to pay for the expenses of providing investment advice to participants and beneficiaries.

Cosponsors 3

Members who signed on, in the order they did. Signatures ran from Mar 18, 2002 to Jun 4, 2002.

Seat	Cosponsor	Signed on
R-MO	Christopher S. Bond	Mar 18, 2002
R-PA	Rick Santorum	May 23, 2002
R-KS	Pat Roberts	Jun 4, 2002

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
Senate	Health, Education, Labor, and Pensions Committee	Referred Mar 1, 2002

Actions 2

Everything that happened, newest first.

Mar 1, 2002Introduced in Senate
Mar 1, 2002Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S1394-1396)

In the Congressional Record 2

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

Where	In the Record	Members	Date
Senate	Debate and remarks S1929	Christopher S. Bond R-MO	Mar 14, 2002
Senate	Debate and remarks S1394Text printed S1394–S1396	Tim Hutchinson R-AR (text)	Mar 1, 2002

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Printed hearings 2

Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.

Number	Hearing	Committee	Held
S. Hrg. 107-967	NOMINATIONS OF ARDEN L. BEMENT, JR. TO BE DIRECTOR OF THE NATIONAL INSTITUTE OF STANDARDS AND TECHNOLOGY AND ROBERT DAVID PAULISON TO BE ADMINISTRATOR OF THE FIRE ADMINISTRATION AT THE FEDERAL EMERGENCY MANAGEMENT AGENCY58 pages	Commerce, Science, and Transportation Committee	Nov 1, 2001
S. Hrg. 107-1055	NOMINATION OF PHILLIP BOND TO BE UNDER SECRETARY FOR TECHNOLOGY AT THE DEPARTMENT OF COMMERCE AND JOHN MARBURGER TO BE DIRECTOR OF THE OFFICE OF SCIENCE AND TECHNOLOGY POLICY84 pages	Commerce, Science, and Transportation Committee	Oct 9, 2001

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced: A bill to amend title I of the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to promote the provision of retirement investment advice to workers managing their retirement income assets.
Short Titles as Introduced: Retirement Security Advice Act of 2002

Subjects

Assigned by the Library of Congress. Policy area: Labor and Employment.

Text 1

Each version as it was printed, newest first.

Mar 1, 2002Introduced in Senate

Support LegiList

This page is free, carries no paywall, and is built and maintained by one person. If the record here is useful to you, a few dollars keeps it going.

$1 $5 $10

Processed by Stripe in a separate window. LegiList never sees card details.

Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.