S 1698 · 108th Congress 2003–2005, ended

Retirement Security Advice Act of 2003

Introduced Oct 1, 2003 Originated Senate Sponsor Michael B. Enzi R-WY

Fact sheet

Latest action · Oct 1, 2003 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S12290-12292)

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.

IntroducedOct 1, 2003
Passed SenateNot reached
Passed HouseNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Retirement Security Advice Act of 2003 - 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 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.

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. 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. All signed on Oct 1, 2003.

Seat	Cosponsor		Signed on
R-MO	Christopher S. Bond	Original	Oct 1, 2003
R-NH	Judd Gregg	Original	Oct 1, 2003
R-PA	Rick Santorum	Original	Oct 1, 2003

Actions 3

Everything that happened, newest first.

Oct 1, 2003Introduced in Senate
Oct 1, 2003Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S12290-12292)
Oct 1, 2003Sponsor introductory remarks on measure. (CR S12289-12290)

Subjects

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

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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.