EMPOWERS Act
- Last Action
- 5/18/2021
Actions
- 2021-05-18Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- 2021-05-18Introduced in Senate
CRS Summary
As of 2021-05-18 (00)
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.
Cosponsors (6)
- Bernard Sanders (I-VT)
- Elizabeth Warren (D-MA)
- Jeff Merkley (D-OR)
- Edward Markey (D-MA)
- Cory Booker (D-NJ)
- Richard Blumenthal (D-CT)
Subjects
- Administrative law and regulatory procedures
- Corporate finance and management
- Department of Labor
- Employee benefits and pensions
- Financial services and investments
- Labor-management relations
- Securities
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.