Pension Risk Transfer Accountability Act of 2021

Bill: 117-s-3746
Sponsor: full_name: Sen. Murphy, Christopher [D-CT]
Introduced: 2022-03-03
Policy area: Labor and Employment
Latest action: action_date: 2022-03-03
text: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Summaries:
action_date: 2022-03-03
action_desc: Introduced in Senate
text: <p><strong>Pension Risk Transfer Accountability Act of 2021</strong></p> <p>This bill requires the Department of Labor to (1) review the fiduciary standards that apply to the selection of an annuity provider for certain defined benefit pension plans, and (2) assess any risk to plan participants from such standards.</p>

tv_txt: II 117th CONGRESS 2d Session S. 3746 IN THE SENATE OF THE UNITED STATES March 3, 2022 Mr. Murphy introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions A BILL To require the Secretary of Labor to review certain provisions of the Code of Federal Regulations related to fiduciary standards under the Employee Retirement Income Security Act of 1974, and for other purposes.

1. Short title This Act may be cited as the Pension Risk Transfer Accountability Act of 2021 . 2. Review of Pension Risk Transfer Interpretive Bulletin Not later than 1 year after the date of enactment of this Act, the Secretary of Labor shall— (1) review section 2509.95–1 of title 29, Code of Federal Regulations (relating to the fiduciary standards under the Employee Retirement Income Security Act of 1974 when selecting an annuity provider for a defined benefit pension plan) to determine whether amendments to such section are warranted; and (2) report to Congress on the findings of such review, including an assessment of any risk to participants.