117th CONGRESS 2d Session |
To amend the Employee Retirement Income Security Act of 1974 to require that named fiduciaries collect contributions to pooled employer plans, and for other purposes.
March 3, 2022
Mr. Allen (for himself and Mr. DeSaulnier) introduced the following bill; which was referred to the Committee on Education and Labor
To amend the Employee Retirement Income Security Act of 1974 to require that named fiduciaries collect contributions to pooled employer plans, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Pooled Employer Plan Fix Act ”.
SEC. 2. Pooled employer plan fiduciary requirement.
Section 3(43)(B)(ii) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(43)(B)(ii)) is amended to read as follows:
“(ii) designate a named fiduciary (other than an employer in the plan) to be responsible for collecting contributions to the plan and require such fiduciary to implement written contribution collection procedures that are reasonable, diligent, and systematic;”.