Protecting Workers’ Benefits Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10703 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                               H. R. 10703

    To amend the Employee Retirement Income Security Act of 1974 to 
           strengthen accountability and protect plan assets.

_______________________________________________________________________

                    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 
           strengthen accountability and protect plan assets.

    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 ``Protecting Workers' Benefits Act''.

SEC. 2. PROTECTING WORKERS' BENEFITS.

    Section 502 of the Employee Retirement Income Security Act of 1974 
(29 U.S.C. 1132) is amended--
            (1) in subsection (a)(2), by inserting ``plan,'' after ``or 
        by a''; and
            (2) in subsection (d), by adding at the end the following:
    ``(3)(A) A participant or beneficiary of a plan may bring an action 
as an assignee for such plan pursuant to section 502(a)(2) for 
appropriate relief pursuant to section 409. Such an action shall be 
brought on behalf of the plan, and the participant or beneficiary must 
serve a copy of the complaint on such plan.
    ``(B) Any amount recovered in an action under this paragraph in 
which the plan prevails or substantially prevails, or in which a 
settlement is reached, shall be treated as a plan asset.
    ``(C) Subject to subparagraph (D), a participant or beneficiary who 
brings an action on behalf of a plan as described in subparagraph (A) 
in which the plan prevails or substantially prevails, or in which a 
settlement is reached, shall--
            ``(i) be treated as having an equitable interest in the 
        disposition of plan assets; and
            ``(ii) receive--
                    ``(I) not less than 0.5 percent, but not more than 
                1 percent, of the amount recovered through the action 
                or the settlement of the action; and
                    ``(II) such other relief as the court may award, 
                such as costs and expenses incurred in connection with 
                such action.
    ``(D) If more than one participant or beneficiary bring an action 
as described in subparagraph (A) in which the plan prevails or 
substantially prevails, or in which a settlement is reached, then the 
court shall distribute the amount described in subparagraph (C)(ii) 
equitably such that a portion of such amount is awarded to--
            ``(i) in the case of such an action that is not brought as 
        a class action, each plaintiff; and
            ``(ii) in the case of such an action that is brought as a 
        class action, each named plaintiff.
    ``(E) A participant or beneficiary of a plan bringing an action in 
relation to such plan as described in subparagraph (A) shall, if an 
action is already pending involving substantially the same allegations, 
promptly move to consolidate such actions as appropriate.''.
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