U.S. Congress legislation · 119th Congress
HB10702: Workers’ Retirement Savings Protection Act of 2026
Status: In committee, October 1, 2026
To amend the Employee Retirement Income Security Act of 1974 to provide that persons are fiduciaries with respect to the provision of retirement investment advice.
What the bill says
To amend the Employee Retirement Income Security Act of 1974 to provide that persons are fiduciaries with respect to the provision of retirement investment advice.
From the introduced text, October 1, 2026:
A BILL To amend the Employee Retirement Income Security Act of 1974 to provide that persons are fiduciaries with respect to the provision of retirement investment advice. SECTION 1. Short title This Act may be cited as the Workers' Retirement Savings Protection Act of 2026 . SECTION 2. Retirement investment advisors (a) In general Section 3(21) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1002(21) ) is amended-- (1) in subparagraph (A), by striking subparagraph (B) and inserting this paragraph ; and (2) by adding at the end the following: (C) A person is a fiduciary described in subparagraph (A)(ii) with respect to a plan, including, in the case of an individual account plan, with respect to the individual account of a participant or beneficiary, if-- (i) the person, for a fee or other compensation, direct or indirect-- (I) renders any advice with respect to the value of securities or other investment property; (II) makes any recommendation as to the advisability of-- (aa) acquiring, holding, disposing of, rolling over, transferring, distributing, or exchanging, or exercising rights of, securities or other investment property, or of an investment strategy; or (bb) rolling over the assets of an individual account or otherwise directing such assets into any other account, trust, plan, or investment; or (III) has any authority or …
Sponsors
- Robert Scott (D, HD-VA-3) · primary sponsor
Latest actions
- : Referred to the House Committee on Education and Workforce.
- : Introduced in House
Subjects: Labor and Employment
Common questions
- What is HB10702?
- HB10702 is a bill in Congress (119th Congress): Workers’ Retirement Savings Protection Act of 2026.
- What does HB10702 do?
- In its own words: To amend the Employee Retirement Income Security Act of 1974 to provide that persons are fiduciaries with respect to the provision of retirement investment advice.
- What is the status of HB10702?
- In committee as of October 1, 2026. Latest action: Referred to the House Committee on Education and Workforce. (October 1, 2026).
- Who sponsored HB10702?
- Robert Scott (D, HD-VA-3).
- Where is the official record for HB10702?
- On the Congress website: https://www.congress.gov/bill/119th-congress/house-bill/10702
Source: official Congress record. Tracked by Delilah, AI for legislation across all 50 states and Congress.