IN THE SENATE OF THE UNITED STATES
March 3, 2022
Mr. Murphy introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions
To require the Secretary of Labor to review certain provisions of the Code of Federal Regulations related to fiduciary standards under the Employee Retirement Income Security Act of 1974, and for other purposes.
This Act may be cited as the
Pension Risk Transfer Accountability Act of 2021.
Review of Pension Risk Transfer Interpretive Bulletin
Not later than 1 year after the date of enactment of this Act, the Secretary of Labor shall—
review section 2509.95–1 of title 29, Code of Federal Regulations (relating to the fiduciary standards under the Employee Retirement Income Security Act of 1974 when selecting an annuity provider for a defined benefit pension plan) to determine whether amendments to such section are warranted; and
report to Congress on the findings of such review, including an assessment of any risk to participants.