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Sets new rules for employee retirement plans to avoid doing business with sanctioned or foreign adversary entities. It forbids plan fiduciaries from letting the plan buy interests in, lend to, contract with, or share plan assets or participant data with those entities. Requires plans to provide new disclosures about any investments or ongoing agreements tied to these entities. The Department of Labor must issue regulations within 180 days, and the rules must take effect no later than one year after enactment. Limited exceptions apply to existing investments or contracts if specific compliance steps are followed.
A fiduciary of a plan must ensure the plan does not acquire an interest (as defined in section 103(h)) between the plan and a covered entity; failing to do so is a violation of paragraph (1).
A fiduciary of a plan must ensure the plan does not lend money or extend credit to a covered entity; failing to do so is a violation of paragraph (1).
A fiduciary of a plan must ensure the plan does not furnish goods, services, or facilities to a covered entity; failing to do so is a violation of paragraph (1).
A fiduciary of a plan must ensure the plan does not transfer, directly or indirectly, any assets of the plan to or for use by or for the benefit of a covered entity; failing to do so is a violation of paragraph (1).
A fiduciary of a plan must ensure the plan does not transfer, directly or indirectly, any data with respect to any participant or beneficiary to or for use by or for the benefit of a covered entity; failing to do so is a violation of paragraph (1).
Amends section 103(b)(3) of ERISA (29 U.S.C. 1023(b)(3)) by modifying subparagraph (H)(iv) and inserting new subparagraphs (I), (J), and (K) requiring additional disclosures in plan annual reports about assets that are interests in sanctioned entities and foreign adversary entities, and descriptions of ongoing agreements subject to section 404(a)(3)(D).
Adds a new paragraph (3) to 29 U.S.C. 1104(a) creating a prohibition on plan transactions with 'covered entities' (defined as foreign adversary entities or sanctioned entities per section 103(h)), including acquiring interests, lending, furnishing goods/services/facilities, and transferring plan assets or participant/beneficiary data; defines fiduciary for data-related transfers; and provides limited exceptions for existing investments and pre-enactment binding agreements conditioned on compliance with specified subparagraphs of section 103(b)(3).
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PARSA
Referred to the House Committee on Education and Workforce.
Introduced March 11, 2025 by John Moolenaar · Last progress March 11, 2025
Referred to the House Committee on Education and Workforce.
Introduced in House