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119-hr-10702119th CongressWALLET

Workers’ Retirement Savings Protection Act of 2026

Sponsored By: Representative Scott, Robert C. "Bobby" [D-VA-3]

Introduced

Summary

Expands ERISA fiduciary duty. This bill would broaden who counts as a fiduciary under the Employee Retirement Income Security Act (ERISA) to cover advisers who give individualized, compensated investment advice to workplace retirement plans and individual retirement accounts, and it would remove the pre-enactment regulation (29 CFR 2510.3-21(c)) that had limited that coverage.

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  • Workers and retirement savers: Brings advisers who give personalized, paid advice about buying, holding, selling, rolling over, transferring, or exchanging investments for plans and IRAs under ERISA fiduciary duties and enforcement mechanisms.
  • Employers and plan sponsors: Clarifies when advisers who recommend rollovers or other plan actions are treated as fiduciaries, affecting the legal standard plan sponsors can rely on for advice to plan participants.
  • Investment advisers and brokers: Defines "for a fee or other compensation, direct or indirect" to include commissions, revenue sharing, marketing or distribution fees, underwriting compensation, gifts, and other non-cash payments, broadening which payments can trigger fiduciary status.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

More protections for retirement advisers

If enacted, this bill would treat paid advisers who give investment advice tailored to a retirement plan or an IRA as ERISA fiduciaries. That includes advice about investment value and recommendations to buy, hold, sell, roll over, transfer, distribute, or exchange investments or strategies. The bill would define paid compensation broadly to cover commissions, revenue sharing, marketing or distribution fees, gifts, and other cash or non-cash payments. It would also void 29 CFR 2510.3-21(c) as of enactment, removing that pre-enactment regulatory provision.

Sponsors & CoSponsors

Sponsor

Scott, Robert C. "Bobby" [D-VA-3]

VA • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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