S. 4360

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4360 Introduced in Senate (IS)]

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119th CONGRESS
2d Session
S. 4360

To amend the Employee Retirement Income Security Act of 1974 to require 
that the Employee Benefit Security Administration make annual reports 
to Congress on investigations relating to enforcement and on adverse 
interest agreements, and for other purposes.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

April 21, 2026

Mr. Banks (for himself, Mr. Cassidy, Mr. Tuberville, and Mr. Scott of 
South Carolina) introduced the following bill; which was read twice and 
referred to the Committee on Health, Education, Labor, and Pensions

_______________________________________________________________________

A BILL

To amend the Employee Retirement Income Security Act of 1974 to require 
that the Employee Benefit Security Administration make annual reports 
to Congress on investigations relating to enforcement and 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 ``Investigation Status and Governance 
for Honest Transparency Act'' or the ``INSIGHT Act''.

SEC. 2. ANNUAL REPORT ON INVESTIGATIONS.

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) Report on Investigations.--
``(1) In general.--Not later than December 31 of each year 
following the date of enactment of this subsection, the 
Secretary shall submit to Congress a report on the status of 
cases in enforcement status, including investigations that are 
active, or in relation to which the Secretary asserted 
investigative authority or engaged in targeted compliance 
monitoring, under subsection (a), during the preceding fiscal 
year.
``(2) Contents.--
``(A) In general.--The report required under 
paragraph (1) shall include the following information 
in relation to each investigation under subsection (a):
``(i) The regional or district office, or 
any other office, of the Employee Benefit 
Security Administration that opened the 
investigation.
``(ii) The date the investigation was 
opened.
``(iii) The date on which the Secretary 
first requested documents from the target of 
the investigation.
``(iv) In relation to the date on which the 
Secretary first requested documents from the 
target of the investigation in relation to such 
investigation--
``(I) whether the investigation was 
concluded within the 36-month period 
beginning on the date of such request; 
and
``(II) if such investigation has 
not been concluded by the end of such 
36-month period--
``(aa) information on why 
such investigation has not been 
concluded; and
``(bb) the estimated date 
of conclusion.
``(B) Excluded information.--The report shall not 
include any information that identifies any private 
party to the investigation, including any plan, plan 
sponsor, fiduciary, service provider, employee, or 
participant or beneficiary.
``(C) Conclusion of investigations.--For the 
purposes of paragraph (A)(iv), an investigation shall 
not be considered concluded until the later of--
``(i) the date on which the Secretary 
ceases to assert investigative authority in 
relation to such investigation; or
``(ii) if applicable, terminates any 
targeted compliance monitoring,
in each case as memorialized in a closing letter 
delivered to the target of the investigation or the 
party subject to compliance monitoring. In the event 
that the issues or topics under investigation change 
during the course of an investigation, the Secretary's 
continuing assertion of authority under this section 
shall be treated as a continuing investigation and not 
as a separate investigation.''.

SEC. 3. REPORT ON ADVERSE INTEREST AGREEMENTS.

(a) In General.--Section 504 of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1134), as amended by section 2, is 
further amended by adding at the end the following:
``(g) 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 paragraph (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 paragraph (2), 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 section 
504(g)(1) of the Employee Retirement Income Security Act (29 
U.S.C. 1134(f)(1)) (as added by subsection (a)), if, not later 
than 60 days after the date of enactment of this Act, the 
Secretary of Labor takes the actions required in paragraphs (A) 
and (B) of such section 504(g)(1) 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. 4. PRIVATE PENSION PLANS AS INTEGRAL TO THE CONTINUED WELL-BEING 
AND SECURITY OF EMPLOYEES AND THEIR DEPENDENTS.

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.''.
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