Bill > S928

This bill, known as the Protecting Americans' Retirement Savings Act (PARSA), aims to prevent employee retirement plans from investing in entities associated with foreign adversaries or subject to sanctions. The legislation amends the Employee Retirement Income Security Act of 1974 to prohibit retirement plan fiduciaries from engaging in transactions with "covered entities," which include governmental bodies, armed forces, political parties, or businesses from foreign adversary nations, as well as entities on specific government watchlists. The bill requires retirement plans to disclose any existing investments in such entities, including the total value of these investments, the specific entities involved, and the reasons for their inclusion on sanctioned lists. Plans with existing investments in covered entities can continue to hold those investments if they comply with new disclosure requirements, and plans with pre-existing contractual obligations can fulfill those agreements until they expire or can be terminated. The bill provides detailed definitions of terms like "foreign adversary," "sanctioned entity," and "interest" to ensure comprehensive coverage. Regulatory guidance must be issued within 180 days of the Act's enactment, with full implementation required within one year, providing retirement plan administrators time to adjust their investment strategies and reporting practices.

Health and Social Services

https://www.congress.gov/bill/119th-congress/senate-bill/928/all-info