H.R. 2958

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2958 Reported in House (RH)]

<DOC>

Union Calendar No. 430
119th CONGRESS
2d Session
H. R. 2958

[Report No. 119-504]

To amend the Employee Retirement Income Security Act of 1974 to require 
that the Employee Benefit Security Administration submit an annual 
report to Congress on adverse interest agreements, and for other 
purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

April 17, 2025

Mr. Rulli introduced the following bill; which was referred to the 
Committee on Education and Workforce

February 20, 2026

Additional sponsor: Mrs. McClain

February 20, 2026

Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed 
in italic]
[For text of introduced bill, see copy of bill as introduced on April 
17, 2025]

_______________________________________________________________________

A BILL

To amend the Employee Retirement Income Security Act of 1974 to require 
that the Employee Benefit Security Administration submit an annual 
report to Congress on adverse interest agreements, and for other 
purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Balance the Scales Act''.

SEC. 2. REPORT ON ADVERSE INTEREST AGREEMENTS.

(a) In General.--Section 504 of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1134) is amended by adding at the end 
the following:
``(f) Collaboration With Plaintiff Attorneys.--
``(1) In general.--In the event that the Secretary provides 
adverse assistance to an individual, prior to providing the 
adverse assistance, the Secretary shall--
``(A) enter into a written agreement with the 
individual that details the nature and scope of such 
assistance, and
``(B) provide a copy of such agreement to any 
employer, plan sponsor, or fiduciary that may be 
directly and adversely impacted by such assistance.
``(2) Adverse assistance defined.--For purposes of this 
subsection, the term `adverse assistance' means assistance or 
advice, including the disclosure of information as described in 
subsection (a), that is directed specifically toward an 
attorney for potential use in a civil action under section 
502(a).
``(3) Report.--
``(A) In general.--Not later than 60 days after the 
date of enactment of this subsection, and by December 
31 of each year that begins after such date, the 
Secretary shall submit to Congress a report containing 
information on all agreements to provide adverse 
assistance in effect for the preceding fiscal year, 
including, in relation to each such agreement--
``(i) a copy of the agreement, with any 
information described in subparagraph (B)(ii) 
redacted;
``(ii) the date the agreement was entered 
into;
``(iii) a detailed description of the 
nature and scope of the assistance provided 
during the fiscal year, including--
``(I) the information shared, 
including the source, type, and amount 
of the information, and the date on 
which such information was shared;
``(II) a log of verbal 
communications, including--
``(aa) the date of each 
communication;
``(bb) the parties engaged 
in such communication;
``(cc) the mode of 
communication; and
``(dd) the nature of any 
information shared; and
``(III) a log of meetings, 
including--
``(aa) the date of each 
meeting;
``(bb) the parties present 
at the meeting;
``(cc) mode of the meeting; 
and
``(dd) the purpose of such 
meeting and the nature of any 
information shared; and
``(iv) an explanation of how such agreement 
is consistent with the public policy of 
promoting the voluntary sponsorship of employee 
benefit plans subject to this Act.
``(B) Identifying information.--The report 
described under subparagraph (A)--
``(i) shall identify the parties to each 
agreement; and
``(ii) may not include any information that 
may be used to identify any other person 
(including an employer, plan sponsor, plan 
fiduciary, service provider, or any other 
potential defendant).''.
(b) Effective Date.--
(1) In general.--Subject to subsection (b), the amendments 
made by this section shall apply to any adverse assistance 
provided on or after the date of enactment of this Act.
(2) Existing agreements.--For the purposes of paragraph (1) 
of section 504(f) (as added by this section) of the Employee 
Retirement Income Security Act (29 U.S.C. 1134(f)), if, not 
later than 60 days after the date of enactment of this Act, the 
Secretary of Labor takes the actions required in subparagraphs 
(A) and (B) of such paragraph in relation to an existing 
arrangement to provide adverse assistance, the Secretary shall 
be deemed to have taken such actions prior to providing such 
adverse assistance.

SEC. 3. PRIVATE PENSION PLANS AS INTEGRAL TO THE CONTINUED WELL-BEING 
AND SECURITY OF EMPLOYEES AND THEIR DEPENDANTS.

Section 2 of the Employee Retirement Income Security Act of 1974 
(29 U.S.C. 1001) is amended by adding at the end the following:
``(d) Congress finds that the retirement security of millions of 
employees and their dependents is directly impacted by the voluntary 
sponsorship and maintenance of pension plans. It is hereby declared to 
be a policy of this Act to promote, encourage, and facilitate the 
voluntary establishment and maintenance of, and contribution to, such 
plans.''.
Union Calendar No. 430

119th CONGRESS

2d Session

H. R. 2958

[Report No. 119-504]

_______________________________________________________________________

A BILL

To amend the Employee Retirement Income Security Act of 1974 to require 
that the Employee Benefit Security Administration submit an annual 
report to Congress on adverse interest agreements, and for other 
purposes.

_______________________________________________________________________

February 20, 2026

Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed