119-HR2958

Bill is currently in: House
Path to Law
House Senate President

119th CONGRESS

1st Session

H. R. 2958

1. Short title
2. Report on adverse interest agreements
3. Private pension plans as integral to the continued well-being and security of employees and their dependants

1. Short title

This Act may be cited as the "Balance the Scales Act".

2. Report on adverse interest agreements

(a) In general - Section 504 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1134) is amended by adding at the end the following:

(f) Collaboration with plaintiff attorneys

(1) In general - In the event that the Secretary provides adverse assistance to an individual, prior to providing the adverse assistance, the Secretary shall—

(A) - enter into a written agreement with the individual that details the nature and scope of such assistance, and

(B) - provide a copy of such agreement to any employer, plan sponsor, or fiduciary that may be directly and adversely impacted by such assistance.

(2) Adverse assistance defined - For purposes of this subsection, the term adverse assistance means assistance or advice, including the disclosure of information as described in subsection (a), that is directed specifically toward an attorney for potential use in a civil action under section 502(a).

(3) Report

(A) In general - Not later than 60 days after the date of enactment of this subsection, and by December 31 of each year that begins after such date, the Secretary shall submit to Congress a report containing information on all agreements to provide adverse assistance in effect for the preceding fiscal year, including, in relation to each such agreement—

(i) - a copy of the agreement, with any information described in subparagraph (B)(ii) redacted;

(ii) - the date the agreement was entered into;

(iii) - a detailed description of the nature and scope of the assistance provided during the fiscal year, including—

(I) - the information shared, including the source, type, and amount of the information, and the date on which such information was shared;

(II) - a log of verbal communications, including—

(aa) - the date of each communication;

(bb) - the parties engaged in such communication;

(cc) - the mode of communication; and

(dd) - the nature of any information shared; and

(III) - a log of meetings, including—

(aa) - the date of each meeting;

(bb) - the parties present at the meeting;

(cc) - mode of the meeting; and

(dd) - the purpose of such meeting and the nature of any information shared; and

(iv) - an explanation of how such agreement is consistent with the public policy of promoting the voluntary sponsorship of employee benefit plans subject to this Act.

(B) Identifying information - The report described under paragraph (A)—

(i) - shall identify the parties to each agreement; and

(ii) - may not include any information that may be used to identify any other person (including an employer, plan sponsor, plan fiduciary, service provider, or any other potential defendant).

(b) Effective date

(1) In general - Subject to subsection (b), the amendments made by this section shall apply to any adverse assistance provided on or after the date of enactment of this Act.

(2) Existing agreements - For the purposes of section 504(f)(1) (as added by this section) of the Employee Retirement Income Security Act (29 U.S.C. 1134(f)(1)), if, not later than 60 days after the date of enactment of this Act, the Secretary of Labor takes the actions required in paragraphs (A) and (B) of such paragraph in relation to an existing arrangement to provide adverse assistance, the Secretary shall be deemed to have taken such actions prior to providing such adverse assistance.

3. Private pension plans as integral to the continued well-being and security of employees and their dependants

Section 2 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1001) is amended by adding at the end the following:

(d) - Congress finds that the retirement security of millions of employees and their dependents is directly impacted by the voluntary sponsorship and maintenance of pension plans. It is hereby declared to be a policy of this Act to promote, encourage, and facilitate the voluntary establishment and maintenance of, and contribution to, such plans.