H R 2269 in Congressional Session 107

Bill Number : H R 2269

Title : 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.

SUMMARY AS OF:
11/15/2001--Passed House amended.    (There are 3 other summaries) Retirement Security Advice Act of 2001 - 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.

Rep Armey, Richard K. [TX-26] - 6/21/2001

Rep Baird, Brian [WA-3] - 6/21/2001

Rep Baker, Richard H. [LA-6] - 6/21/2001

Rep Ballenger, Cass [NC-10] - 7/23/2001

Rep Bass, Charles F. [NH-2] - 9/25/2001

Rep Biggert, Judy [IL-13] - 7/23/2001

Rep Blunt, Roy [MO-7] - 7/30/2001

Rep Brown, Henry E., Jr. [SC-1] - 10/16/2001

Rep Burr, Richard [NC-5] - 9/25/2001

Rep Calvert, Ken [CA-43] - 10/5/2001

Rep Camp, Dave [MI-4] - 6/21/2001

Rep Cannon, Chris [UT-3] - 9/25/2001

Rep Cantor, Eric [VA-7] - 7/23/2001

Rep Chambliss, Saxby [GA-8] - 7/23/2001

Rep Clement, Bob [TN-5] - 9/6/2001

Rep Crane, Philip M. [IL-8] - 6/26/2001

Rep Culberson, John Abney [TX-7] - 10/5/2001

Rep Dicks, Norman D. [WA-6] - 6/21/2001

Rep Dunn, Jennifer [WA-8] - 9/6/2001

Rep English, Phil [PA-21] - 6/21/2001

Rep Fletcher, Ernie [KY-6] - 7/23/2001

Rep Foley, Mark [FL-16] - 6/21/2001

Rep Frost, Martin [TX-24] - 6/26/2001

Rep Graham, Lindsey [SC-3] - 7/30/2001

Rep Greenwood, James C. [PA-8] - 9/6/2001

Rep Grucci, Felix J., Jr. [NY-1] - 11/8/2001

Rep Gutknecht, Gil [MN-1] - 6/21/2001

Rep Herger, Wally [CA-2] - 11/6/2001

Rep Holt, Rush D. [NJ-12] - 6/21/2001

Rep Johnson, Sam [TX-3] - 6/21/2001

Rep Jones, Walter B., Jr. [NC-3] - 9/25/2001

Rep Keller, Ric [FL-8] - 9/25/2001

Rep Kirk, Mark Steven [IL-10] - 6/21/2001

Rep Latham, Tom [IA-5] - 10/5/2001

Rep Lucas, Ken [KY-4] - 6/21/2001

Rep Matheson, Jim [UT-2] - 9/6/2001

Rep McCrery, Jim [LA-4] - 7/23/2001

Rep McInnis, Scott [CO-3] - 6/21/2001

Rep McKeon, Howard P. "Buck" [CA-25] - 7/23/2001

Rep Moran, James P. [VA-8] - 10/16/2001

Rep Ney, Robert W. [OH-18] - 7/30/2001

Rep Nussle, Jim [IA-2] - 7/30/2001

Rep Osborne, Tom [NE-3] - 10/5/2001

Rep Oxley, Michael G. [OH-4] - 6/21/2001

Rep Paul, Ron [TX-14] - 6/26/2001

Rep Platts, Todd Russell [PA-19] - 7/23/2001

Rep Portman, Rob [OH-2] - 7/30/2001

Rep Pryce, Deborah [OH-15] - 9/6/2001

Rep Rogers, Mike J. [MI-8] - 7/30/2001

Rep Roukema, Marge [NJ-5] - 6/21/2001

Rep Ryun, Jim [KS-2] - 10/5/2001

Rep Sessions, Pete [TX-5] - 10/16/2001

Rep Shaw, E. Clay, Jr. [FL-22] - 6/26/2001

Rep Shays, Christopher [CT-4] - 7/23/2001

Rep Smith, Adam [WA-9] - 6/21/2001

Rep Tancredo, Thomas G. [CO-6] - 6/21/2001

Rep Tauscher, Ellen O. [CA-10] - 6/21/2001

Rep Tiberi, Patrick J. [OH-12] - 7/23/2001

Rep Brown, Sherrod [OH-13] - 7/23/2001
(withdrawn - 9/24/2001
)
Rep Pascrell, Bill, Jr. [NJ-8] - 7/30/2001
(withdrawn - 9/10/2001
)