Bill · S. 928· Senate(119-S-928)
PARSA
- Introduced
- 3/11/2025
- Last activity
- 3/11/2025 — Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- Sponsored by
- Jim Banks
- Cosponsors
- - 1 - 0
- Introduced
- In Committee
What this bill would do
The Protecting Americans' Retirement Savings Act (PARSA) seeks to amend the Employee Retirement Income Security Act of 1974. It prohibits plan fiduciaries from engaging in transactions that result in a plan acquiring interests in, lending money to, or providing goods, services, or data to covered entities. Covered entities are defined as foreign adversary or sanctioned entities. The bill also requires retirement plans to disclose details regarding their existing investments in these entities. Certain existing investments or contractually obligated investments may continue under specific conditions. Finally, the Secretary must issue regulations within 180 days of the Act's enactment.
Yes· 3 of 5
Does this protect people from being watched or searched?+5
The bill prohibits fiduciaries from transferring participant or beneficiary data to covered foreign adversary or sanctioned entities.
Would people over 65 be better off under this?+3
The bill seeks to protect the integrity and data privacy of retirement plan assets held for those nearing or in retirement.
Would retired people be better off under this?+3
The bill enhances the security of retirement fund assets and participant data against foreign adversary entities.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Protection of Participant Data: The bill prohibits fiduciaries from transferring plan assets or any data regarding participants or beneficiaries to a covered entity (Section 2, Subparagraph A, iv).
-
Increased Transparency for Retirement Plans: Plans will be required to provide specific statements regarding assets held in sanctioned or foreign adversary entities, including aggregate values and the identity of those entities (Section 3, Subsection a).
-
Accountability for Investment Decisions: Fiduciaries holding interests in foreign adversary entities must provide a brief statement of the factors they considered in maintaining that investment (Section 3, Subsection a, J, v).
Potential Negative Impacts for People
-
Restrictions on Current Investments: While some investments can continue, the bill establishes new prohibitions on transactions involving interests, loans, or services with covered entities (Section 2, Subparagraph A).
-
Increased Disclosure Burdens: Plans must now include various statements regarding sanctioned and foreign adversary entities, as well as descriptions of ongoing agreements, which could include information the Secretary deems appropriate (Section 3, Subsection a).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Retirees+3Good For Seniors+3Good For Middle Class Households+2
- Governance And Ideology
- Improves Privacy Rights+5
- Social Issues And Justice
- Improves Social Security+2
- 3/14/2025
- 1 Cosponsor added.
- 3/11/2025
- Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Bernie MorenoRepublican · Ohio