American Pension Investments Modernization Act of 2014

Bill: 113-hr-5877
Sponsor: Rep. Meeks, Gregory W. [D-NY-5]
Introduced: 2014-12-11 in the House
Policy area: Labor and Employment
Subjects: Administrative law and regulatory procedures
Congressional oversight
Department of Labor
Employee benefits and pensions
Federal Retirement Thrift Investment Board
Financial services and investments
Government employee pay, benefits, personnel management
Minority and disadvantaged businesses
User charges and fees
Veterans' education, employment, rehabilitation
Women in business

Summary:
action_date: 2014-12-11
text: 
American Pension Investments Modernization Act of 2014 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to require the fiduciary of an employee benefit plan to establish policies for appointment of an investment manager or managers to manage any plan assets or business enterprise or enterprises for brokerage and investment banking services.
 
Requires the fiduciary, under these policies, to consider:
 
 
the concentration level of the plan's exposure to firm-specific risks, including operational, compliance, and fraud risks;
 
the inclusion, to the greatest extent feasible, of minority business enterprises for brokerage and investment banking services (including enterprises owned or controlled by specified percentages of African-Americans, Hispanic-Americans, Asian Pacific Americans, Subcontinent Asian Americans, Native Americans, women, or veterans); and
 
the utilization of diverse asset managers, taking into consideration the investment opportunities they offer in sectors, strategies, geographies, and demographics not meaningfully available to the plans.
 
 
Defines &quot;diverse asset manager&quot; as a minority business enterprise that manages an investment portfolio of between $100 million and $25 billion.
 
Directs the Secretary of Labor to issue related guidance and requires the Federal Retirement Thrift Investment Board (FRTIB) under the Federal Employees Retirement System (FERS) to take this guidance into account.
 
Directs the FRTIB to give current and former federal employees and Members of Congress in FERS the option to participate in actively managed funds within the employee's or Member's Thrift Savings Fund account (but no more than 20% of a current or former employee's or Member's funds).
 
Prohibits the FRTIB from subjecting more than 20% of the total assets under management of the Thrift Savings Fund to active management.


Legislative actions:
action_date: 2014-12-11
text: Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2014-12-11
text: Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2014-12-11
text: Introduced in House
action_date: 2014-12-11
text: Introduced in House