Workers’ Retirement Savings Protection Act of 2026

Robert C. "Bobby" Scott

Democrat · VA · Representative

Source: Congress.gov · FEC

No cosponsors on record. Bills can pass without cosponsors — this often means the sponsor introduced the bill alone, either because it's a messaging bill, a chairman's mark, or simply early in the legislative cycle.

Referred to the House Committee on Education and Workforce.

2026-10-01

Source: Congress.gov

Plain-English summary pending. Introduced on 2026-10-01. Check back soon — summaries are generated as bills progress through Congress.

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

• HR10703Protecting Workers’ Benefits Act
  Referred to Committee · 2026-10-01
• HR10704Direct CARE Opportunity Act of 2026
  Referred to Committee · 2026-10-01
• HR6893Chesapeake Bay Watershed Advancement for Training, Education, Restoration, and Science (WATERS) Act
  Passed House · 2026-09-15
• HR10373Protecting Workers' Wages from Medical Debt Act
  Referred to Committee · 2026-09-14