S 1677 117th Congress Senate 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: Baldwin, Tammy Democratic · Wisconsin See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 18, 2021

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

May 18, 2021

Introduced in Senate

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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

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Related & companion bills 1

Bill text 1 version