House Committee Advances Retirement Proposals
The House Education and Workforce Committee has advanced several retirement bills following a markup. According to a press release, the following proposals were passed by the committee.
- H.R. 2958, the “Balancing the Scales Act” sponsored by Rep. Michael Rulli (R-OH) would do the following.
- Require EBSA to give Congress an annual report on any agreements to provide “adverse assistance” in potential employee benefit-plan lawsuits.
- Mandate that employers or plan sponsors directly impacted by such assistance receive a copy of any agreement before it takes effect.
- Reinforce the goal of encouraging and maintaining voluntary private employee benefit plans by making sure EBSA’s actions are documented and consistent with public policy.
- H.R. 2869, the “EBSA Investigations Transparency Act”, sponsored by Rep. Lisa McClain (R-MI) would do the following.
- Require EBSA to send Congress an annual report detailing the status and timeline of its investigations.
- Give lawmakers a clear picture of how long EBSA investigations take and why some extend beyond three years—without revealing any private party’s identity.
- H.R. 5169, the “Retire through Ownership Act”, authored by Rep. Rick Allen (R-GA) would do the following.
- Clarify the legal definition of “adequate consideration” when employee stock ownership plans (ESOPs) purchase stock in closely held companies.
- Allow ESOP fiduciaries to rely on expert independent appraisals that follow established Internal Revenue Service valuation guidelines, reducing legal gray areas.
