The bill, titled “Retirement Income Protection Act of 2011,” calls for amendments to the Employee Retirement Income Security Act (ERISA), the Commodity Exchange Act, and the Securities Exchange Act of 1934. The bill also calls for clarification of the definitions of fiduciary, special entity, removal of ERISA plans, adviser, independent representatives, and commodity trading adviser.
The bill was introduced shortly after the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) announced it will re-propose its rule on the definition of a fiduciary (See EBSA to Re-Propose Definition of Fiduciary Rule).
At this time, the “Retirement Income Protection Act of 2011” has been referred to the House Committees on Financial Services, Agriculture, and Education and the Workforce.
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