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119-s-4360119th CongressWALLET

INSIGHT Act

Sponsored By: Senator Banks, Jim [R-IN]

Introduced

Summary

Greater transparency for ERISA enforcement and limits on secret help to plaintiff attorneys. This bill would require public reporting on the status of Employee Retirement Income Security Act investigations and force written agreements when the Department of Labor provides certain assistance to private attorneys, while declaring a congressional policy to support voluntary pension plan sponsorship.

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  • Workers and retirees would get clearer signals about investigations that affect pension plans. Annual reports must show who opened each probe, when it began, when documents were first requested, and whether the matter closed within a 36-month window.
  • Employers, plan sponsors, and fiduciaries would be notified before the Secretary gives "adverse assistance" to an attorney. The bill would require a written agreement describing the scope of that help and a copy provided to any employer or fiduciary that might be directly and adversely affected.
  • The Department of Labor's Employee Benefits Security Administration and outside attorneys would face new disclosure steps. Reports must include redacted agreements, logs of communications, and explanations of how each agreement fits the law’s policy on voluntary pension sponsorship.

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Bill Overview

Analyzed Economic Effects

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

Notice rules for employer pension investigations

If enacted, the bill would require the Secretary of Labor to sign a written agreement before giving "adverse assistance" to an attorney. Adverse assistance would mean help or information directed to an attorney for potential use in a civil action under section 502(a). The Department would give a copy of that agreement to any employer, plan sponsor, or fiduciary that may be directly and adversely impacted. The Secretary would report to Congress within 60 days after enactment and every year by December 31 about all such agreements in the prior fiscal year. Each report would include a redacted copy, the date entered, detailed logs of information shared and meetings, and an explanation of how the agreement aligns with the law's policy supporting voluntary pension plan sponsorship. Existing arrangements could be brought into compliance within 60 days and treated as if the agreement existed before the assistance was given.

Sponsors & CoSponsors

Sponsor

Banks, Jim [R-IN]

IN • R

Cosponsors

  • Sen. Cassidy, Bill [R-LA]

    LA • R

    Sponsored 4/21/2026

  • Sen. Tuberville, Tommy [R-AL]

    AL • R

    Sponsored 4/21/2026

  • Sen. Scott, Tim [R-SC]

    SC • R

    Sponsored 4/21/2026

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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