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HR 3308 117th Congress House Labor and Employment Administrative law and regulatory procedures Corporate finance and management Department of Labor Employee benefits and pensions Financial services and investments Labor-management relations Securities

EMPOWERS Act

Introduced: May 18, 2021 Introduced by: Jayapal, Pramila Democratic · Washington See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 18, 2021
Referred to the House Committee on Education and Labor.
May 18, 2021
Introduced in House
 Plain-English summary Congressional Research Service

Encouraging More Proxy voting by Organized Workers, Employees, and Retirement Savers Act or the EMPOWERS Act

This bill modifies the requirements for single-employer retirement plans with respect to the fiduciaries and proxy voting procedures for such plans.

Specifically, it requires the assets of such plans to be held in trust by a joint board of trustees that represents the interests of the employer and the interests of the plan participants and their beneficiaries on an equal basis.

Additionally, the trustees of each plan must undergo training and establish proxy voting guidelines for the plan. In exercising a plan's proxy voting rights, a fiduciary may consider (1) the investment objectives of the plan participants and their beneficiaries, and (2) certain effects of negative externalities generated by portfolio companies.

What's happening now May 18, 2021

Referred to the House Committee on Education and Labor.

 Committees of jurisdiction 1