Workers’ Retirement Savings Protection Act of 2026

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10702 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                               H. R. 10702

To amend the Employee Retirement Income Security Act of 1974 to provide 
     that persons are fiduciaries with respect to the provision of 
                     retirement investment advice.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            October 1, 2026

Mr. Scott of Virginia introduced the following bill; which was referred 
              to the Committee on Education and Workforce

_______________________________________________________________________

                                 A BILL

 
To amend the Employee Retirement Income Security Act of 1974 to provide 
     that persons are fiduciaries with respect to the provision of 
                     retirement investment advice.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Workers' Retirement Savings 
Protection Act of 2026''.

SEC. 2. RETIREMENT INVESTMENT ADVISORS.

    (a) In General.--Section 3(21) of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1002(21)) is amended--
            (1) in subparagraph (A), by striking ``subparagraph (B)'' 
        and inserting ``this paragraph''; and
            (2) by adding at the end the following:
    ``(C) A person is a fiduciary described in subparagraph (A)(ii) 
with respect to a plan, including, in the case of an individual account 
plan, with respect to the individual account of a participant or 
beneficiary, if--
            ``(i) the person, for a fee or other compensation, direct 
        or indirect--
                    ``(I) renders any advice with respect to the value 
                of securities or other investment property;
                    ``(II) makes any recommendation as to the 
                advisability of--
                            ``(aa) acquiring, holding, disposing of, 
                        rolling over, transferring, distributing, or 
                        exchanging, or exercising rights of, securities 
                        or other investment property, or of an 
                        investment strategy; or
                            ``(bb) rolling over the assets of an 
                        individual account or otherwise directing such 
                        assets into any other account, trust, plan, or 
                        investment; or
                    ``(III) has any authority or responsibility to make 
                any recommendation with respect to any moneys or other 
                investment property or investment strategy; and
            ``(ii) such advice or recommendation is individualized to 
        the particular needs of the plan or individual account.
    ``(D) For purposes of subparagraphs (A)(ii) and (C), a person 
provides investment advice `for a fee or other compensation, direct or 
indirect,' if the person or any affiliate of the person receives any 
fee or compensation (including commissions, loads, finder's fees, 
revenue sharing payments, shareholder servicing fees, marketing or 
distribution fees, mark ups or mark downs, underwriting compensation, 
payments to brokerage firms in return for shelf space, recruitment 
compensation paid in connection with transfers of accounts to a 
registered representative's new broker-dealer firm, expense 
reimbursements, gifts and gratuities, or other non-cash compensation), 
from any source, in connection with or as a result of the--
            ``(i) recommended purchase, sale, or holding of a security 
        or other investment property; or
            ``(ii) provision of investment advice.
    ``(E) For the purposes of subparagraph (D), a fee or compensation 
is paid `in connection with or as a result of' such transaction or 
service if any amount of the fee or compensation would not have been 
paid but for the recommended transaction or the provision of investment 
advice.
    ``(F) For the purposes of subparagraphs (A)(ii) and (C), the term 
`plan' includes--
            ``(i) an employee benefit plan; and
            ``(ii) an individual retirement account or annuity as 
        described in subparagraphs (A) through (F) of section 
        4975(e)(1) of the Internal Revenue Code of 1986.''.
    (b) Regulation.--Section 2510.3-21(c) of title 29, Code of Federal 
Regulations, as in effect on the day before the date of enactment of 
this Act, shall have no force or effect.
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