hold on there's just too much going on in Congress lmao...
Requires federal retirement agency to report investigations and attorney collaboration.
Sponsored by Sen. Banks (R-IN) with three Republican co-sponsors.
Introduced in Senate, referred to committee.
This bill, sponsored by Senator Banks (R-IN) and co-sponsored by Senators Cassidy (R-LA), Tuberville (R-AL), and Scott (R-SC), was introduced in the Senate. It would require the Employee Benefit Security Administration (EBSA) to issue annual reports on its investigations and on agreements where it assists private attorneys. The bill is currently with the Senate Committee on Health, Education, Labor, and Pensions, awaiting further action.
Introduced Apr 21, 2026
This bill was introduced in the Senate on April 21, 2026. It has been referred to the Senate Committee on Health, Education, Labor, and Pensions for review. For the bill to become law, it must pass both the Senate committee, then a full Senate vote, a House vote, and finally be signed by the President. No votes have been held yet.
If this bill becomes law, the Employee Benefit Security Administration (EBSA), the agency overseeing employee retirement plans, would have to provide Congress with detailed annual reports about its investigations, including how long they take. EBSA would also be required to report annually on any agreements where it provides assistance or advice to plaintiff attorneys for potential civil lawsuits. For such agreements, EBSA would first need to notify the employer, plan sponsor, or fiduciary who might be directly affected by the assistance.
Supporters Say
Supporters say this bill brings transparency to a federal agency and helps promote the creation of private pension plans.
Critics Say
Critics might argue that these new requirements could hinder investigations or make it harder for individuals to get assistance for lawsuits.
Those in favor of the bill would likely highlight its aim to increase transparency regarding the EBSA's enforcement activities and its interactions with private lawyers, as well as its stated policy goal of promoting voluntary employer-sponsored pension plans. The bill explicitly adds a finding to current law stating that private pension plans are integral to retirement security and should be encouraged. Critics might raise concerns that requiring EBSA to report extensively on its assistance to plaintiff attorneys and to notify potential defendants could complicate investigations or discourage individuals from seeking help, potentially favoring employers and plan sponsors over plan participants and beneficiaries.