PARSA
Sponsored By: Representative Rep. Moolenaar, John R. [R-MI-2]
Introduced
Summary
This bill would sharply limit retirement plan investments and transactions tied to foreign adversaries and sanctioned entities and force new plan disclosures. It would amend ERISA to bar fiduciaries from certain deals that move plan assets or participant data to those covered entities and to create reporting rules for such holdings and agreements.
Show full summary
- Plan fiduciaries: It would make it a fiduciary violation to enter transactions that would transfer plan assets, lend money, provide goods or services, or hand over participant data to a covered entity. This raises clarity and potential liability for investment choices.
- Participants and beneficiaries: Plans would have to report holdings in sanctioned and foreign adversary entities, including aggregate value, the identity of each entity, reasons for listing, and which fiduciary is responsible. That gives workers clearer information about where their savings are invested.
- Plan administrators and regulators: The bill adds detailed definitions and lists to identify covered entities, creates safe harbors for existing investments and binding pre-enactment contracts, and would require the Secretary to issue implementing regulations within 180 days that take effect no later than 1 year after enactment.
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 0 benefits, 0 costs, 3 mixed.
Retirement plans barred from sanctioned entities
If enacted, retirement plan fiduciaries would be barred from doing deals with a covered entity. That includes buying any interest, lending money, providing services or facilities, or transferring plan assets or participant data. The rule would apply when the fiduciary knows or should know a deal would cause those results. Covered entities would include foreign adversary entities and sanctioned entities from federal lists. People who control participant data would count as fiduciaries for these limits.
New retirement plan disclosures and exceptions
If enacted, plans would need to report the total value and details of any investments in sanctioned or foreign adversary entities. Reports would name each entity, the investment vehicle, the responsible fiduciary, and why the entity is listed. Plans would also disclose any ongoing pre‑enactment contracts covered by the exceptions, including expiration and termination dates. Plans could keep pre‑enactment investments and binding contracts until they end, but only if they make these disclosures.
Deadlines for retirement rulemaking
If enacted, the Department would have 180 days after enactment to issue rules. Those rules would need to take effect no later than one year after enactment. This only sets timing, not the content of the rules.
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Sponsors & CoSponsors
Sponsor
Rep. Moolenaar, John R. [R-MI-2]
MI • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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