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.
About This Bill
Committee
Latest Action · June 12, 2023
Referred to the House Committee on Education and the Workforce.
The Protecting Americans' Retirement Savings Act (PARSA) prohibits retirement plan fiduciaries from investing in entities associated with foreign adversaries or those subject to U.S. sanctions, while requiring detailed public disclosure of any existing investments in these entities. The bill defines foreign adversaries based on existing national security designations and sanctioned entities using lists maintained by the Treasury, Commerce, Defense, and Homeland Security departments. Retirement plans that already hold such investments or have binding agreements to purchase them before the bill's enactment would be allowed to continue those investments while making specific disclosures. Within 180 days of enactment, the Secretary of Labor must issue implementing regulations that take effect no later than one year after the law passes. The bill affects all retirement plans covered under the Employee Retirement Income Security Act and aims to prevent American workers' retirement savings from supporting entities deemed threats to national security.
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