Pooled Employer Plan Fix Act

Bill: 117-hr-6912
Sponsor: full_name: Rep. Allen, Rick W. [R-GA-12]
Introduced: 2022-03-03
Policy area: Labor and Employment
Latest action: action_date: 2022-03-03
text: Referred to the House Committee on Education and Labor.

Summaries:
action_date: 2022-03-03
action_desc: Introduced in House
text: <p><strong>Pooled Employer Plan Fix Act</strong></p> <p>This bill requires pooled employer retirement plans to designate a named fiduciary to collect contributions to the plan and implement written contribution collection procedures that are reasonable, diligent, and systematic. Current law requires a plan to designate one or more trustees to perform these tasks. </p>

tv_txt: I 117th CONGRESS 2d Session H. R. 6912 IN THE HOUSE OF REPRESENTATIVES March 3, 2022 Mr. Allen (for himself and Mr. DeSaulnier ) introduced the following bill; which was referred to the Committee on Education and Labor A BILL To amend the Employee Retirement Income Security Act of 1974 to require that named fiduciaries collect contributions to pooled employer plans, and for other purposes.

1. Short title This Act may be cited as the Pooled Employer Plan Fix Act . 2. Pooled employer plan fiduciary requirement Section 3(43)(B)(ii) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1002(43)(B)(ii) ) is amended to read as follows: (ii) designate a named fiduciary (other than an employer in the plan) to be responsible for collecting contributions to the plan and require such fiduciary to implement written contribution collection procedures that are reasonable, diligent, and systematic; .