The Protecting Americans' Retirement Savings Act prohibits retirement plan fiduciaries from investing in foreign adversary entities and sanctioned entities, such as Chinese military companies and entities on various U.S. government restricted lists. Retirement plans must disclose all existing investments in these entities, including the values, investment vehicles used, and the fiduciary's reasoning for maintaining such investments. The bill applies to all employee retirement plans covered under the Employment Retirement Income Security Act and affects millions of American workers and retirees whose pension and 401(k) plans are governed by these rules. Plans that already held these investments before the law's enactment or had binding agreements to invest in them may continue temporarily if they comply with enhanced disclosure requirements, but new investments are prohibited. The Department of Labor must issue implementing regulations within 180 days, with the rules taking effect no later than one year after enactment.
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