Affordable Retirement Advice for Savers Act

openUnited States· United States Congress· EN

Introduced

8 June 2017

Last action

5 March 2018 · Committee

Status

Placed on the Union Calendar, Calendar No. 443.

Summary

Affordable Retirement Advice for Savers Act This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (IRC) to modify requirements related to fiduciaries and the provision of investment advice for pension and retirement plans. (Under current law, a person who provides investment advice has a fiduciary obligation that requires the person to provide advice in the sole interest of plan participants and beneficiaries.) The bill nullifies several regulations that are commonly referred to as "the fiduciary rule" and broadened the types of investment advice that impose a fiduciary obligation with respect to the plans. The bill defines "investment advice" as a recommendation that relates to: the advisability of acquiring, holding, disposing, or exchanging any moneys or other property of a plan by the plan, participants, or beneficiaries, including any recommendation regarding whether to take a distribution of benefits from the plan or any recommendation relating to a rollover or distribution from such plan; the management of moneys or other property of the plan, including recommendations relating to the management of plan assets to be rolled over or otherwise distributed from the plan; or the advisability of retaining or ceasing to retain a person who would receive a fee or other compensation for providing investment advice. Investment advice must be rendered pursuant to either: (1) a written acknowledgment of the obligation of the advisor to comply with fiduciary standards; or (2) a mutual agreement, arrangement, or understanding that may include limitations on scope, timing, and responsibility to provide ongoing monitoring or advice services. The bill establishes exemptions to the prohibited transactions rules under ERISA and the IRC for advice that meets certain requirements for reasonable compensation, disclosures, and recommendations that are in the best interest of the plan or recipient of the advice.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

8 June 2017
Introduced
Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Source: IntroReferral
8 June 2017
Introduced
Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Source: IntroReferral
8 June 2017
Introduced
Introduced in House
Source: IntroReferral
8 June 2017
Introduced
Introduced in House
Source: IntroReferral
19 July 2017
Vote
Ordered to be Reported (Amended) by the Yeas and Nays: 23 - 17.
Source: Committee
19 July 2017
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
25 October 2017
Introduced
House Committee on Ways and Means Granted an extension for further consideration ending not later than Jan. 10, 2018.
Source: IntroReferral
25 October 2017
Reported
Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 115-371, Part I.
Source: Committee
25 October 2017
Reported
Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 115-371, Part I.
Source: Committee
10 January 2018
Introduced
House Committee on Ways and Means Granted an extension for further consideration ending not later than Feb. 2, 2018.
Source: IntroReferral
2 February 2018
Introduced
House Committee on Ways and Means Granted an extension for further consideration ending not later than March 5, 2018.
Source: IntroReferral
5 March 2018
Calendars
Placed on the Union Calendar, Calendar No. 443.
Source: Calendars
5 March 2018
Discharge
Committee on Ways and Means discharged.
Source: Discharge
5 March 2018
Committee
Committee on Ways and Means discharged.
Source: Committee

Votes

No vote records are attached yet.

Versions

Reported in House · 5 March 2018 · Official file
Introduced in House · 8 June 2017 · Official file

Documents

6 official files

Reported in House (text)

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Reported in House (text)
Reported in House · EN · 5 March 2018
View Download Open at official source
Reported in House (PDF)
Reported in House · EN · 5 March 2018
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Reported to House amended, Part I
summary · EN · 25 October 2017
Open at official source
Introduced in House (text)
Introduced in House · EN · 8 June 2017
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Introduced in House (PDF)
Introduced in House · EN · 8 June 2017
View Download Open at official source
Introduced in House
summary · EN · 8 June 2017
Open at official source

Related records

related to → Affordable Retirement Advice Protection Act

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/115th-congress/house-bill/2823
Open data entity: https://api.congress.gov/v3/bill/115/hr/2823
us · 115-hr-2823 · source updated 21 July 2025