S 4973
Retirement Savings Modernization Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill, the Retirement Savings Modernization Act, amends the Employee Retirement Income Security Act (ERISA) to clarify the responsibilities of those managing retirement plan investments. It specifically states that plan fiduciaries are not liable for recommending or monitoring investments in a range of asset classes, including commodities, digital assets, hedge funds, private equity, and real estate. This change aims to allow for greater investment diversification within retirement plans while still upholding fiduciary standards.
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Primary sponsor
Patrick Toomey
Cosponsors
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