I
119th CONGRESS
2d Session
H. R. 10702
IN THE HOUSE OF REPRESENTATIVES
October 1, 2026
Mr. Scott of Virginia introduced the following bill; which was referred to the Committee on Education and Workforce
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.
Short title
This Act may be cited as the Workers’ Retirement Savings Protection Act of 2026
.
Retirement investment advisors
In general
Section 3(21) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(21)) is amended—
in subparagraph (A), by striking subparagraph (B)
and inserting this paragraph
; and
by adding at the end the following:
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—
the person, for a fee or other compensation, direct or indirect—
renders any advice with respect to the value of securities or other investment property;
makes any recommendation as to the advisability of—
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
rolling over the assets of an individual account or otherwise directing such assets into any other account, trust, plan, or investment; or
has any authority or responsibility to make any recommendation with respect to any moneys or other investment property or investment strategy; and
such advice or recommendation is individualized to the particular needs of the plan or individual account.
For purposes of subparagraphs (A)(ii) and (C), a person provides investment advice for a fee or other compensation, direct or indirect,
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—
recommended purchase, sale, or holding of a security or other investment property; or
provision of investment advice.
For the purposes of subparagraph (D), 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 purposes of subparagraphs (A)(ii) and (C), the term plan includes—
an employee benefit plan; and
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.
.
Regulation
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.