The bill would change federal rules for employee retirement plans. It would prohibit plan fiduciaries from knowingly, or when they should know, allowing certain transactions with foreign adversary or sanctioned entities. Covered transactions include acquiring an interest in such an entity, lending to it, providing goods or services, or transferring plan assets or participant data for its use or benefit. The bill would require plans to report certain existing investments and related details. Some current investments and agreements made before enactment could continue if the plan meets specified reporting requirements.
Retirement plan fiduciaries would face new limits on transactions with covered entities and new reporting duties. Plan participants’ data could not be transferred to or for the benefit of a covered entity through a transaction the fiduciary knows, or should know, would do so. The text does not say how individual account balances or investment choices would change.
The bill does not specify costs or funding. It would require the Secretary to issue implementing regulations within 180 days of enactment, with the regulations taking effect no later than one year after enactment.
No publicly available information.
No publicly available information.