arrow_back Back to App

Retirement Plan Clarifications: Insurers' Fiduciary Role in General Accounts

This act clarifies rules for retirement plans investing in insurance company general accounts. It aims to simplify plan management by specifying when an insurance company is considered a fiduciary. These changes may affect how your retirement savings are managed, providing greater legal clarity for managing entities. The act applies retroactively, meaning its rules also cover transactions prior to its enactment.
Key points
An insurance company will not automatically be considered a fiduciary of your retirement plan just because you invested in its general account.
Your retirement plan's assets with an insurer are the insurance promises and guarantees, not the insurer's entire assets.
The changes are retroactive, covering transactions from six years prior to enactment.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_9515
Sponsor: Rep. Morelle, Joseph D. [D-NY-25]
Process start date: 2022-12-13
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

General Accounts Product Clarifications Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_9515.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-12-13.

What are the main provisions?

Key points include:

  • An insurance company will not automatically be considered a fiduciary of your retirement plan just because you invested in its general account.
  • Your retirement plan's assets with an insurer are the insurance promises and guarantees, not the insurer's entire assets.
  • The changes are retroactive, covering transactions from six years prior to enactment.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Morelle, Joseph D. [D-NY-25].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Education and Labor.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Labor Benefits