Balance the Scales Act

This bill adds new transparency rules when the Department of Labor helps someone and their lawyer with information they may use in a lawsuit about a benefit plan. Before giving that kind of help, the agency must sign a written agreement with the person and send a copy to any employer, plan sponsor, or plan fiduciary who could be directly affected. It also requires a yearly report to Congress listing these agreements, what information was shared, and logs of calls and meetings. The report must name the parties to the agreement but leave out details that could identify other people, like employers or potential defendants.

The bill also states that private pension plans are important to workers’ financial security and sets a national policy to encourage employers to offer and maintain these plans.

• Who is affected: Workers and families with employer benefit plans; the Department of Labor’s Employee Benefit Security Administration; employers, plan sponsors, and plan fiduciaries; and attorneys involved in benefit plan lawsuits.
• What changes: Written agreements before this kind of help is given; copies to affected employers; detailed annual reports to Congress with copies of agreements and logs of information shared; reports identify the agreement’s parties but not other people.
• When: Takes effect on the date it becomes law. The first report is due within 60 days, then every year by December 31. Existing arrangements must be brought into compliance within 60 days.