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114-hr-3922114th Congress

Retirement Choice Protection Act of 2015

Sponsored By: Representative Kelly, Mike [R-PA-16]

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Summary

Retirement Choice Protection Act of 2015 This bill amends Reorganization Plan No. 4 of 1978 to transfer from the Department of Labor to the Department of the Treasury regulatory authority for Individual Retirement Accounts (IRAs), retirement annuities, Simplified Employee Pensions, and Simple IRAs. The bill amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to establish a best interest standard for fiduciaries who provide advice to investors in IRAs and plans not subject to ERISA. The best interest standard allows a financial advisor to make investment recommendations and receive compensation with respect to certain financial products, including proprietary products, if such advisor makes certain required disclosures.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Kelly, Mike [R-PA-16]

PA • R

Cosponsors

  • SAM JOHNSON

    TX • R

    Sponsored 11/4/2015

Roll Call Votes

No roll call votes available for this bill.

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