A bill to amend title I of the Employee Retirement Income Security Act of 1974 to clarify treatment of investment managers under such title.
Latest Action
Became Public Law No: 105-72.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™This bill amends Title I of the Employee Retirement Income Security Act of 1974 (ERISA) to clarify the treatment of investment managers under the law. It provides specific guidance on how investment managers are to be regarded and regulated within the framework of ERISA, which governs employee benefit plans. The bill was enacted into law as Public Law 105-72 on November 10, 1997.
The law clarifies the regulatory status of investment managers under ERISA, affecting how they manage employee benefit plan assets.
- Amends Title I of ERISA to provide clarity on the role and treatment of investment managers.
- Establishes specific provisions regarding the responsibilities and liabilities of investment managers under ERISA.
- Signed into law on November 10, 1997, becoming Public Law 105-72.
['Investment managers who manage assets for employee benefit plans', 'Employers and plan sponsors subject to ERISA regulations', 'Employees and beneficiaries of ERISA-covered retirement and benefit plans']
['Implementation may require adjustments by investment managers and plan sponsors to comply with clarified regulations.', 'Potential increase in administrative or compliance costs related to adherence to the clarified treatment.', 'Oversight mechanisms may need to be updated to reflect changes in regulatory treatment.']
The bill was introduced and passed during the 105th Congress and was signed into law in 1997. It addresses regulatory clarity within the labor and employment policy area, specifically focusing on ERISA, a longstanding federal statute governing employee benefit plans.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['Improved clarity may lead to more consistent enforcement and compliance with ERISA regulations.', 'Potential changes in investment management practices due to clarified fiduciary responsibilities.', 'Possible shifts in legal liability exposure for investment managers and plan sponsors.']
The absence of a detailed official summary and full bill text limits the depth of analysis. Transparency would be improved by providing full legislative text and detailed summaries to better understand the scope and implications of the amendments. Oversight agencies should monitor implementation to ensure compliance and assess any unintended consequences.
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