,,ii  #aaith ,,congress  #b;d ,session  
,s4 #dcfj  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,april #ba1    
#bjbf,mr4 ,banks 7for himself1 ,mr4     
,cassidy1 ,mr4 ,tuberville1 and ,mr4    
,scott of ,south ,carolina7 introduced  
the following bill2 which was read twice
 and referred to the ,committee on      
,health1 ,education1 ,labor1 and        
,pensions  ,a ,,bill  ,to amend the     
,employee ,retirement ,income ,security 
,act of #aigd to require that the       
,employee ,benefit ,security            
,administration make annual reports to  
,congress on investigations relating to 
enforcement and on adverse interest     
agreements1 and for other purposes4  #a4
 ,short title ,this ,act may be cited as
 the ,investigation ,status and         
,governance for ,honest ,transparency   
,act or the ,,insight ,act4  #b4 ,annual
 report on investigations ,section #ejd 
of the ,employee ,retirement ,income    
,security ,act of #aigd 7#bi ,u4,s4,c4  
#aacd7 is amended by adding at the end  

the following3  7f7 ,report on          
investigations  7#a7 ,in general ,not   
later than ,december #ca of each year   
following the date of enactment of this 
subsection1 the ,secretary shall submit 
to ,congress a report on the status of  
cases in enforcement status1 including  
investigations that are active1 or in   
relation to which the ,secretary        
asserted investigative authority or     
engaged in targeted compliance          
monitoring1 under subsection 7a71 during
 the preceding fiscal year4  7#b7       
,contents  7,a7 ,in general ,the report 
required under paragraph 7#a7 shall     
include the following information in    
relation to each investigation under    
subsection 7a73 7i7 ,the regional or    
district office1 or any other office1 of
 the ,employee ,benefit ,security       
,administration that opened the         
investigation4  7ii7 ,the date the      
investigation was opened4  7iii7 ,the   
date on which the ,secretary first      
requested documents from the target of  

the investigation4  7iv7 ,in relation to
 the date on which the ,secretary first 
requested documents from the target of  
the investigation in relation to such   
investigation-- 7,i7 whether the        
investigation was concluded within the  
#cf-month period beginning on the date  
of such request2 and  7,,ii7 if such    
investigation has not been concluded by 
the end of such #cf-month period-- 7aa7 
information on why such investigation   
has not been concluded2 and  7bb7 the   
estimated date of conclusion4  7,b7     
,excluded information ,the report shall 
not include any information that        
identifies any private party to the     
investigation1 including any plan1 plan 
sponsor1 fiduciary1 service provider1   
employee1 or participant or beneficiary4
  7,c7 ,conclusion of investigations    
,for the purposes of paragraph 7,a77iv71
 an investigation shall not be          
considered concluded until the later    
of-- 7i7 the date on which the          
,secretary ceases to assert             

investigative authority in relation to  
such investigation2 or  7ii7 if         
applicable1 terminates any targeted     
compliance monitoring1  in each case as 
memorialized in a closing letter        
delivered to the target of the          
investigation or the party subject to   
compliance monitoring4 ,in the event    
that the issues or topics under         
investigation change during the course  
of an investigation1 the ,secretary's   
continuing assertion of authority under 
this section shall be treated as a      
continuing investigation and not as a   
separate investigation4  4  #c4 ,report 
on adverse interest agreements  7a7 ,in 
general ,section #ejd of the ,employee  
,retirement ,income ,security ,act of   
#aigd 7#bi ,u4,s4,c4 #aacd71 as amended 
by section #b1 is further amended by    
adding at the end the following3  7g7   
,collaboration with plaintiff attorneys 
7#a7 ,in general ,in the event that the 
,secretary provides adverse assistance  
to an individual1 prior to providing the

 adverse assistance1 the ,secretary     
shall-- 7,a7 enter into a written       
agreement with the individual that      
details the nature and scope of such    
assistance2 and  7,b7 provide a copy of 
such agreement to any employer1 plan    
sponsor1 or fiduciary that may be       
directly and adversely impacted by such 
assistance4  7#b7 ,adverse assistance   
defined ,for purposes of this           
subsection1 the term adverse assistance 
means assistance or advice1 including   
the disclosure of information as        
described in subsection 7a71 that is    
directed specifically toward an attorney
 for potential use in a civil action    
under section #ejb7;a74  7#c7 ,report   
7,a7 ,in general ,not later than #fj    
days after the date of enactment of this
 subsection1 and by ,december #ca of    
each year that begins after such date1  
the ,secretary shall submit to ,congress
 a report containing information on all 
agreements to provide adverse assistance
 in effect for the preceding fiscal     

year1 including1 in relation to each    
such agreement-- 7i7 a copy of the      
agreement1 with any information         
described in subparagraph 7,b77ii7      
redacted2  7ii7 the date the agreement  
was entered into2  7iii7 a detailed     
description of the nature and scope of  
the assistance provided during the      
fiscal year1 including-- 7,i7 the       
information shared1 including the       
source1 type1 and amount of the         
information1 and the date on which such 
information was shared2  7,,ii7 a log of
 verbal communications1 including-- 7aa7
 the date of each communication2  7bb7  
the parties engaged in such             
communication2  7cc7 the mode of        
communication2 and  7dd7 the nature of  
any information shared2 and  7,,iii7 a  
log of meetings1 including-- 7aa7 the   
date of each meeting2  7bb7 the parties 
present at the meeting2  7cc7 mode of   
the meeting2 and  7dd7 the purpose of   
such meeting and the nature of any      
information shared2 and  7iv7 an        

explanation of how such agreement is    
consistent with the public policy of    
promoting the voluntary sponsorship of  
employee benefit plans subject to this  
,act4  7,b7 ,identifying information    
,the report described under paragraph   
7,a7-- 7i7 shall identify the parties to
 each agreement2 and  7ii7 may not      
include any information that may be used
 to identify any other person 7including
 an employer1 plan sponsor1 plan        
fiduciary1 service provider1 or any     
other potential defendant74  4  7b7     
,effective date  7#a7 ,in general       
,subject to paragraph 7#b71 the         
amendments made by this section shall   
apply to any adverse assistance provided
 on or after the date of enactment of   
this ,act4  7#b7 ,existing agreements   
,for the purposes of section            
#ejd7;g77#a7 of the ,employee           
,retirement ,income ,security ,act 7#bi 
,u4,s4,c4 #aacd7;f77#a77 7as added by   
subsection 7a771 if1 not later than #fj 
days after the date of enactment of this

 ,act1 the ,secretary of ,labor takes   
the actions required in paragraphs 7,a7 
and 7,b7 of such section #ejd7;g77#a7 in
 relation to an existing arrangement to 
provide adverse assistance1 the         
,secretary shall be deemed to have taken
 such actions prior to providing such   
adverse assistance4  #d4 ,private       
pension plans as integral to the        
continued well-being and security of    
employees and their dependents ,section 
#b of the ,employee ,retirement ,income 
,security ,act of #aigd 7#bi ,u4,s4,c4  
#ajja7 is amended by adding at the end  
the following3  7d7 ,congress finds that
 the retirement security of millions of 
employees and their dependents is       
directly impacted by the voluntary      
sponsorship and maintenance of pension  
plans4 ,it is hereby declared to be a   
policy of this ,act to promote1         
encourage1 and facilitate the voluntary 
establishment and maintenance of1 and   
contribution to1 such plans4  4