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 House
- Passed Senate
- To Governor
- Became Law
Overview
This bill requires administrators of retirement plans offered to employees of Massachusetts subdivisions to openly disclose any potential conflicts of interest they may have. The goal is to increase transparency and protect employees’ retirement savings. By requiring disclosure, the bill aims to ensure that administrators are acting in the best interests of their plan participants. This legislation builds upon existing efforts to safeguard retirement plan assets.
Key provisions
- Administrators of certain retirement plans must disclose conflicts of interest.
- The disclosure requirements apply to employees of subdivisions of the Commonwealth.
- The bill aims to enhance transparency in retirement plan administration.
- It mandates a process for identifying and reporting potential conflicts.
- The disclosure must be provided to plan participants.
Who is affected
- Employees of Massachusetts subdivisions
- Retirement plan administrators
- Retirement plan participants
- Subdivisions of the Commonwealth
Notable changes
- This bill introduces a formal requirement for conflict of interest disclosure in retirement plan administration.
Bill text
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Sponsors
Official sponsors from legislative records.
11 on record
Primary sponsor
Cosponsors
Christopher Richard Flanagan
Danillo A. Sena
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