An Act requiring administrators of certain retirement plans to disclose conflicts of interest
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill requires administrators of retirement plans to openly disclose any conflicts of interest they may have. The goal is to increase transparency and protect participants’ savings by ensuring they are aware of potential situations where the administrator’s interests might not align with those of the plan members. By disclosing these conflicts, participants can make more informed decisions about their retirement investments. This legislation aims to bolster trust and accountability within the retirement plan administration process.
Key provisions
- Retirement plan administrators must disclose conflicts of interest.
- The disclosure must be clear and understandable to plan participants.
- The bill applies to certain retirement plans (specific details would be in the full text).
- Administrators are responsible for maintaining records of disclosures.
- The Public Service committee will oversee the implementation of this law.
Who is affected
- Retirement plan administrators
- Retirement plan participants
- Financial institutions managing retirement plans
- Employees participating in retirement plans
Notable changes
- Currently, there may not be a specific requirement for administrators to proactively disclose conflicts of interest.
- This bill introduces a mandatory disclosure process.
Bill text
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Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
12 on record
Primary sponsor
Michael D. Brady
Cosponsors
Jacob R. Oliveira
James B. Eldridge
James K. Hawkins
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