Sponsors (2)
The bill increases transparency and encourages expanded access to employer-sponsored retirement plans—potentially improving retirement outcomes—while creating administrative burdens, privacy and timing risks, legal complexity, and the possibility of shifting focus or fiscal resources away from universal retirement solutions.
Middle-class workers and their families may get greater access to employer-sponsored retirement plans as federal policy encourages employers to offer such plans, potentially improving retirement outcomes and worker recruitment/retention.
Taxpayers, Congress, and the public gain more oversight because the Department must create written agreements and provide annual reports listing agreements and assistance details, increasing transparency of Labor Department actions.
Employers, plan sponsors, and fiduciaries must receive copies of agreements before the Department provides assistance, giving them advance notice and an opportunity to respond or prepare.
Shifting emphasis toward voluntary employer-sponsored plans could divert policy focus and resources away from strengthening Social Security or other universal retirement programs, affecting long-term retirement security for many Americans.
The broad policy language could be used to justify incentives or subsidies for employer retirement plans that increase federal spending or tax expenditures, imposing fiscal costs on taxpayers.
Employers—especially small businesses—could face new compliance costs if the Administration adopts administrative actions, reporting, or requirements to implement the policy.
Based on analysis of 3 sections of legislative text.
Requires written agreements and employer/fiduciary notice before the Labor Department gives certain assistance to attorneys and mandates an initial and annual congressional report.
Official title: 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.
Introduced April 17, 2025 by Michael A. Rulli · Last progress April 17, 2025
Requires the Department of Labor to get a written agreement with an individual before giving certain assistance or advice to that person's attorney in ERISA civil cases, and to share copies of that agreement with any employer, plan sponsor, or fiduciary who could be directly and adversely affected. The Department must report annually to Congress listing those agreements and the assistance given. The bill also states a congressional policy that promoting voluntary establishment and maintenance of employer retirement plans supports workers’ retirement security.