Sec. 105. Protecting Americans’ retirement savings

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

This section may be cited as the or Protecting Americans’ Retirement Savings Act . PARSA Section 404(a) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1104(a) ) is amended by adding at the end the following: For purposes of paragraph (1), a fiduciary of a plan may not be considered to act solely in the interest of the participants and beneficiaries of the plan if such fiduciary does not ensure that such plan does not engage in a transaction that the fiduciary knows, or should know, will result in the plan— acquiring an interest (as defined in section 103(h)) between the plan and a sanctioned entity or foreign adversary entity (as each such term is defined in section 103(h)); lending money or extending credit to such an entity; furnishing goods, services, or facilities to such an entity; or transferring, directly or indirectly, to or for use by or for the benefit of such an entity— any assets of the plan; or any data with respect to any participant or beneficiary of the plan.

For the purposes of subclause (II), the term fiduciary includes any person who exercises direct or indirect discretionary authority, responsibility, or control with respect to any participant beneficiary data. In the case of a plan holding an investment in a sanctioned entity or foreign adversary entity on the date of enactment of the Protecting Americans’ Retirement Savings Act, such plan may continue to hold such investment if the fiduciary of such plan complies with the requirements of subparagraphs

(I)and

(J)of section 103(b)(3). In the case of a plan that has entered into a binding agreement prior to the date of enactment of the Protecting Americans’ Retirement Savings Act obligating such plan to engage in a transaction described under subparagraph (A), if the fiduciary of such plan complies with the requirements of subparagraphs (I), (J), and

(K)of section 103(b)(3), such plan may fulfill the terms of such agreement until such agreement— expires; or allows for termination. . Section 103(b)(3) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1023(b)(3) ) is amended— in subparagraph (H)(iv), by striking the period at the end and inserting ; and ; and by inserting at the end the following: a separate statement of all assets in the plan that consist, in whole or in part, of an interest in a sanctioned entity, including— the aggregate value of such assets in the plan; the identity of each sanctioned entity in which such plan holds an interest; and information identifying each list under subsection (h)(5) on which such sanctioned entity is listed, and the reasons for which an entity may be placed on such list; a separate statement of all assets in the plan that consist, in whole or in part, of an interest in a foreign adversary entity, including— the aggregate value of such assets in the plan; the specific interest, and value thereof, that such plan holds in each such foreign adversary entity; the name of any investment vehicle through which the plan holds such interest; the name of the fiduciary responsible for such investment; and a brief statement of factors considered by the fiduciary in maintaining such investment; a description of any ongoing agreement subject to section 404(a)(3)(C), including— the assets involved in such agreement; the date on which such agreement expires; the date on which such commitment may be terminated; and such other information as the Secretary may deem appropriate. . Section 103 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1023 ) is further amended by adding at the end the following new subsection: In this section: The term control has the meaning given in section 800.208 of title 31, Code of Federal Regulations (as in effect on the date of enactment of this Act). The term Export Administration Regulations means the regulations set forth in subchapter C of chapter VII of title 15, Code of Federal Regulations, or successor regulations. The term foreign adversary — has the meaning given the term covered nation in section 4872(d) of title 10, United States Code (as in effect on the date of enactment of this Act); and includes any Special Administrative Region of any such covered nation. The term foreign adversary entity means— any official governmental body at any level in a foreign adversary; the armed forces of a foreign adversary; the leading political party of a foreign adversary; a person organized under the laws of, headquartered in, or with its principal place of business in a foreign adversary; or a person subject to the direction or control of an entity listed in subparagraphs

(A)through (D). The term interest includes any interest— held directly or indirectly through any chain of ownership; or held as a derivative financial instrument or other contractual arrangement with respect to such sanctioned entity, including any financial instrument or other contract which seeks to replicate any financial return with respect to a sanctioned entity or interest in such sanctioned entity. The term sanctioned entity means an entity listed on any of the following lists: The Non-SDN Chinese Military-Industrial Complex Companies List (NS–CMIC List) maintained by the Office of Foreign Assets Control of the Department of the Treasury under Executive Order 14032 (86 Fed. Reg. 30145), or any successor order. The list of Chinese military companies identified by the Secretary of Defense pursuant to section 1260H of the William M.

(Mac)Thornberry National Defense Authorization Act for Fiscal Year 2021 ( Public Law 116–283 ; 10 U.S.C. 113 note). The Entity List maintained by the Department of Commerce and set forth in Supplement No. 4 to part 744 of the Export Administration Regulations. The Denied Persons List maintained by the Department of Commerce and described in section 764.3(a)(2) of the Export Administration Regulations. The Unverified List set forth in Supplement No. 6 to part 744 of the Export Administration Regulations. The Military End User List set forth in Supplement No. 7 to part 744 of the Export Administration Regulations. The list of companies whose equipment or services are maintained by the Federal Communications Commission under section 2(a) of the Secure and Trusted Communications Networks Act of 2019 ( 47 U.S.C. 1601(a) ), commonly referred to as the FCC Covered list. The Uyghur Forced Labor Prevention Act Entity List maintained by the Department of Homeland Security pursuant to Public Law 117–78 . The Withhold Release Orders and Findings List maintained by the Commissioner of U.S. Customs and Border Protection pursuant to Public Law 117–78 . . Not more than 180 days after the enactment of this Act, the Secretary shall issue regulations implementing this section. The regulations issued under subparagraph

(A)shall take effect not later than 1 year after the date of enactment of this Act. Subject to subsection (e), the President is authorized to enter into an agreement with Taiwan, the Philippines, Indonesia, Thailand, Malaysia, New Zealand, and the United Kingdom consistent with the policy described in subsection (e), and the provisions of section 151(c) of the Trade Act of 1974 ( 19 U.S.C. 2191(c) ) shall apply with respect to a bill to implement such agreement. Whenever the President submits to Congress a bill to implement a trade agreement described in subsection

(d)the bill shall be introduced (by request) in the House of Representatives and in the Senate as described in section 151(c) of the Trade Act of 1974 ( 19 U.S.C. 2191(c) ). A bill to implement a trade agreement described in subsection

(d)shall contain provisions that are necessary to implement the trade agreement, and shall include trade-related labor and environmental protection standards, but may not include amendments to title VII of the Tariff Act of 1930, title II of the Trade Act of 1974, or any antitrust law of the United States. Section 151 of the Trade Act of 1974 ( 19 U.S.C. 2191 ) is amended— in subsection (b)(1), by inserting section 191 of the Countering Communist China Act, after section 282 of the Uruguay Round Agreements Act, ; and in subsection (c)(1), by inserting section 191 of the Countering Communist China Act, after the Uruguay Round Agreements Act, .

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