← Back to Bills
H.R. 5877House117th Congress (2021-2023)In Committee

Pension Risk Transfer Accountability Act of 2021

Sponsored by Frank J. MrvanRep. Frank J. Mrvan (D-IN)
Introduced November 4, 2021

AI-Generated Summary

Updated February 8, 2026 at 7:55 AM UTC

The Pension Risk Transfer Accountability Act of 2021 directs the Secretary of Labor to examine a specific regulation that sets fiduciary standards for choosing annuity providers for defined‑benefit pension plans. Within one year of the law’s enactment, the Secretary must assess whether the rule needs changes and report the results, including any risks to plan participants, to Congress. The bill affects the Department of Labor, pension plan fiduciaries, and the retirees and workers covered by those plans.

Key Provisions

  • The Secretary of Labor must review section 2509.95-1 of Title 29 CFR, which governs fiduciary standards when selecting annuity providers for defined‑benefit pension plans, within one year of enactment.
  • The review must determine if amendments to that regulation are warranted.
  • The Secretary must report the findings and any identified participant risks to Congress.

Legislative Activity

Stay on top of the latest movement without scrolling through every action

1 earlier action
HouseIntro Referral Latest Action

Referred to the House Committee on Education and Labor.

Education and Workforce Committee

November 4, 2021

View full timeline
HouseIntro Referral

Introduced in House

November 4, 2021

HouseIntro Referral

Referred to the House Committee on Education and Labor.

Education and Workforce Committee

November 4, 2021

Bill Text

Latest available legislative text

Reading Mode
Latest
Raw Text PDF XML
Introduced in HouseIssued November 4, 2021

I

117th CONGRESS

1st Session

H. R. 5877

IN THE HOUSE OF REPRESENTATIVES

November 4, 2021

Mr. Mrvan introduced the following bill; which was referred to the Committee on Education and Labor

A BILL

To require the Secretary of Labor to review certain provisions of the Code of Federal Regulations related to fiduciary standards under the Employee Retirement Income Security Act of 1974, and for other purposes.

1.

Short title

This Act may be cited as the Pension Risk Transfer Accountability Act of 2021.

2.

Review of Pension Risk Transfer Interpretive Bulletin

Not later than 1 year after the date of enactment of this Act, the Secretary of Labor shall—

(1)

review section 2509.95–1 of title 29, Code of Federal Regulations (relating to the fiduciary standards under the Employee Retirement Income Security Act of 1974 when selecting an annuity provider for a defined benefit pension plan) to determine whether amendments to such section are warranted; and

(2)

report to Congress on the findings of such review, including an assessment of any risk to participants.