Protecting Americans’ Retirement Savings Act

Hozzl · 2023-12-15T15:59:17Z

Explore the details of House Bill 4008 Protecting Americans’ Retirement Savings Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Labor and Employment. Stay informed on legislative developments.

12/15/2023, 3:59 PM

Summary of Bill HR 4008

Bill 118 HR 4008, also known as the Protecting Americans' Retirement Savings Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to enhance protections for individuals' retirement savings by increasing transparency and accountability in the financial industry.

One key provision of the bill is the requirement for financial advisors to act in the best interest of their clients when providing retirement investment advice. This is aimed at preventing conflicts of interest that may lead to advisors recommending investments that are not in the best interest of the client.

Additionally, the bill seeks to improve access to retirement savings options for small businesses and their employees. It includes provisions to simplify the process for small businesses to offer retirement plans to their employees and encourages the use of automatic enrollment and escalation features to help employees save more for retirement. Furthermore, the Protecting Americans' Retirement Savings Act includes measures to enhance the oversight of retirement plan administrators and ensure that they are acting in the best interest of plan participants. This includes increased reporting requirements and penalties for non-compliance. Overall, the bill aims to strengthen protections for Americans' retirement savings and ensure that individuals have access to the information and resources they need to make informed decisions about their financial future. It is currently being debated in Congress and may undergo changes before being voted on.

Read the Full Bill

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Current Status of Bill HR 4008

Bill HR 4008 is currently in the status of Bill Introduced since June 12, 2023. Bill HR 4008 was introduced during Congress 118 and was introduced to the House on June 12, 2023. Bill HR 4008's most recent activity was Referred to the House Committee on Education and the Workforce. as of June 12, 2023

Bipartisan Support of Bill HR 4008

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 4008

Primary Policy Focus

Labor and Employment

Alternate Title(s) of Bill HR 4008

Protecting Americans’ Retirement Savings Act

To amend the Employment Retirement Income Security Act of 1974 to prohibit plan investments in foreign adversary and sanctioned entities, require disclosure of existing investments in such entities, and for other purposes.