PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Education and Workforce.
Congressional Research Service
No official summary is available in the imported record yet.
People & committees
Rep. Scott, Robert C. "Bobby" [D-VA-3] · D–VA
Legislative record
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Referred to the House Committee on Education and Workforce.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We also preserved the text version used in the PlainBill explanation below.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Oct 15, 2026. Consult Congress.gov for the current record.
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PlainBill explanation
Based on the full Introduced in House · 2026-10-01 text. This explanation has not received human editorial review. This overview describes the proposal’s major provisions; it does not establish what its real-world effects would be.
The bill would classify people who give paid, individualized retirement investment advice as fiduciaries, a legal status under federal retirement-benefit law. It would cover advice to retirement plans and individual accounts, including recommendations to move savings between accounts. Payments to an adviser’s affiliate could also count as compensation. The bill would make a specified federal regulatory provision ineffective, but the supplied text does not explain that provision or reproduce existing fiduciary duties.
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—
(bb) rolling over the assets of an individual account or otherwise directing such assets into any other account, trust, plan, or investment;
(ii) such advice or recommendation is individualized to the particular needs of the plan or individual account.
if the person or any affiliate of the person receives any fee or compensation
Section 2510.3–21(c) of title 29, Code of Federal Regulations, as in effect on the day before the date of enactment of this Act, shall have no force or effect.
Section 1 would name the legislation the Workers’ Retirement Savings Protection Act of 2026.
This Act may be cited as the Workers’ Retirement Savings Protection Act of 2026.
Section 2 would amend the Employee Retirement Income Security Act of 1974. Its new fiduciary test would require both compensation, directly or indirectly, and advice or a recommendation tailored to the particular plan or individual account.
Section 3(21) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(21)) is amended—
(i) the person, for a fee or other compensation, direct or indirect—
and (ii) such advice or recommendation is individualized to the particular needs of the plan or individual account.
Subject to those conditions, covered activities would include advice about investment values; recommendations to acquire, keep, sell, transfer, distribute, exchange, or exercise rights in investments; and recommendations about investment strategies. The test would also address authority or responsibility to make investment recommendations.
(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;
(III) has any authority or responsibility to make any recommendation with respect to any moneys or other investment property or investment strategy;
(i) the person, for a fee or other compensation, direct or indirect—
(ii) such advice or recommendation is individualized to the particular needs of the plan or individual account.
Paid, individualized recommendations to roll over retirement savings—move assets from an individual account—or otherwise direct those assets into another account, trust, plan, or investment would be expressly covered.
(i) the person, for a fee or other compensation, direct or indirect—
(II) makes any recommendation as to the advisability of—
(bb) rolling over the assets of an individual account or otherwise directing such assets into any other account, trust, plan, or investment;
(ii) such advice or recommendation is individualized to the particular needs of the plan or individual account.
Compensation could come from any source and go to the adviser or an affiliate. Covered forms would include commissions, revenue sharing, marketing payments, account-transfer recruitment payments, expense reimbursements, gifts, and other noncash compensation. The payment must be connected to a recommended investment purchase, sale, or holding, or to providing investment advice.
if the person or any affiliate of the person receives any fee or compensation (including commissions, loads, finder’s fees, revenue sharing payments, shareholder servicing fees, marketing or distribution fees, mark ups or mark downs, underwriting compensation, payments to brokerage firms in return for shelf space, recruitment compensation paid in connection with transfers of accounts to a registered representative’s new broker-dealer firm, expense reimbursements, gifts and gratuities, or other non-cash compensation), from any source, in connection with or as a result of the— (i) recommended purchase, sale, or holding of a security or other investment property; or (ii) provision of investment advice.
The payment connection would exist if any amount of compensation would not have been paid without the recommended transaction or investment advice.
a fee or compensation is paid in connection with or as a result of such transaction or service if any amount of the fee or compensation would not have been paid but for the recommended transaction or the provision of investment advice.
For the specified investment-advice provisions, the definition of a plan would include employee benefit plans and individual retirement accounts or annuities described in the cited tax-code provisions.
For the purposes of subparagraphs (A)(ii) and (C), the term plan includes— (i) an employee benefit plan; and (ii) an individual retirement account or annuity as described in subparagraphs (A) through (F) of section 4975(e)(1) of the Internal Revenue Code of 1986.
The bill would replace the reference to “subparagraph (B)” in existing subparagraph (A) with “this paragraph.” It would also give no force or effect to 29 C.F.R. 2510.3–21(c), using that regulation’s version in effect the day before enactment. The supplied text does not reproduce the existing language needed to explain either change fully.
(1) in subparagraph (A), by striking subparagraph (B) and inserting this paragraph;
Section 2510.3–21(c) of title 29, Code of Federal Regulations, as in effect on the day before the date of enactment of this Act, shall have no force or effect.
The supplied October 15, 2026 source snapshot records introduction in the House and referral to the House Committee on Education and Workforce on October 1, 2026. These entries document those steps; they do not establish enactment or the bill’s later status.
Source snapshot updated 2026-10-15T18:51:17Z. 2026-10-01: Referred to the House Committee on Education and Workforce. 2026-10-01: Introduced in House
A closer look
Reviewed version: Introduced in House · 2026-10-01. These findings describe provisions and who may benefit; they are not judgments of waste, corruption, or motive.
This review covers the supplied bill text. “None identified” does not rule out provisions in later versions or accompanying reports and disclosures.
Provisions outside the bill’s main subject, or policy changes attached to appropriations.
None identified in the reviewed text
No unrelated provision or policy change attached to appropriations was identified in the complete supplied introduced-text version. This conclusion does not establish absence in other versions or accompanying materials.
Spending directed to particular recipients or places outside ordinary competitive or formula-based allocation.
None identified in the reviewed text
No congressionally directed spending for particular recipients or places was identified in the complete supplied introduced-text version. This conclusion does not establish absence in other versions or accompanying materials.
Narrow exceptions, exemptions, or preferential treatment that warrant a closer look.
None identified in the reviewed text
No materially narrow carve-out, special exemption, or preferential treatment was identified in the complete supplied introduced-text version. This conclusion is limited to that version and does not establish absence in other versions or accompanying materials.
Full text preserved for this analysis. Legislative record snapshot: Oct 15, 2026. How PlainBill uses AI