Bill > HR2958

This bill, titled the "Balance the Scales Act," amends the Employee Retirement Income Security Act of 1974 (ERISA) to require the Secretary of Labor to report annually to Congress on "adverse assistance" agreements. Adverse assistance is defined as help or advice, including sharing information, specifically given to an attorney for use in a lawsuit against an employer, plan sponsor, or fiduciary. Before providing such assistance, the Secretary must enter into a written agreement with the individual receiving the help, detailing its scope, and then provide a copy of this agreement to any employer, plan sponsor, or fiduciary who could be negatively affected. The annual report must include copies of these agreements (with identifying information about other parties redacted), the dates they were made, detailed descriptions of the assistance provided, and an explanation of how the agreement aligns with the policy of encouraging voluntary employee benefit plans. The bill also adds a finding to ERISA emphasizing the importance of private pension plans for employee security and declaring it a policy of the Act to promote their establishment and maintenance.

Education

https://www.congress.gov/bill/119th-congress/house-bill/2958/all-info