S. 928 prohibits retirement plans, including 401(k)s and pensions, from investing in or doing business with foreign adversary countries (such as China) and entities subject to U.S. sanctions. The bill affects retirement plan fiduciaries—the financial professionals and companies managing these accounts—who must ensure their plans do not acquire stakes in, lend to, or provide data to sanctioned or foreign adversary entities. Plans already holding such investments before the law takes effect may continue them only if they provide specific disclosures, and plans under binding contracts made before enactment may fulfill those obligations until the contracts expire. The legislation requires retirement plans to disclose detailed information about any existing investments in sanctioned entities and foreign adversaries, including the investment values and the fiduciaries responsible for them. The Department of Labor must issue implementing regulations within 180 days of the bill's enactment, with full compliance required within one year.
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