S. 4360

119 S4360 IS: Investigation Status and Governance for Honest Transparency Act
 U.S. Senate
 2026-04-21
 text/xml
 EN
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 II  119th CONGRESS  2d Session  S. 4360  IN THE SENATE OF THE UNITED STATES   April 21, 2026   Mr. Banks  (for himself,  Mr. Cassidy ,  Mr. Tuberville , and  Mr. Scott of South Carolina ) introduced the following bill; which was read twice and referred to the  Committee on Health, Education, Labor, and Pensions    A BILL
To amend the Employee Retirement Income Security Act of 1974 to require that the Employee Benefit Security Administration make annual reports to Congress on investigations relating to enforcement and on adverse interest agreements, and for other purposes.
1.
Short title
This Act may be cited as the   Investigation Status and Governance for Honest Transparency Act   or the   INSIGHT Act  .
2.
Annual report on investigations
Section 504 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1134 ) is amended by adding at the end the following:
(f)
Report on investigations
(1)
In general
Not later than December 31 of each year following the date of enactment of this subsection, the Secretary shall submit to Congress a report on the status of cases in enforcement status, including investigations that are active, or in relation to which the Secretary asserted investigative authority or engaged in targeted compliance monitoring, under subsection (a), during the preceding fiscal year.
(2)
Contents
(A)
In general
The report required under paragraph (1) shall include the following information in relation to each investigation under subsection (a):
(i)
The regional or district office, or any other office, of the Employee Benefit Security Administration that opened the investigation.
(ii)
The date the investigation was opened.
(iii)
The date on which the Secretary first requested documents from the target of the investigation.
(iv)
In relation to the date on which the Secretary first requested documents from the target of the investigation in relation to such investigation—
(I)
whether the investigation was concluded within the 36-month period beginning on the date of such request; and
(II)
if such investigation has not been concluded by the end of such 36-month period—
(aa)
information on why such investigation has not been concluded; and
(bb)
the estimated date of conclusion.
(B)
Excluded information
The report shall not include any information that identifies any private party to the investigation, including any plan, plan sponsor, fiduciary, service provider, employee, or participant or beneficiary.
(C)
Conclusion of investigations
For the purposes of paragraph (A)(iv), an investigation shall not be considered concluded until the later of—
(i)
the date on which the Secretary ceases to assert investigative authority in relation to such investigation; or
(ii)
if applicable, terminates any targeted compliance monitoring,
 in each case as memorialized in a closing letter delivered to the target of the investigation or the party subject to compliance monitoring. In the event that the issues or topics under investigation change during the course of an investigation, the Secretary’s continuing assertion of authority under this section shall be treated as a continuing investigation and not as a separate investigation.
 .
3.
Report on adverse interest agreements
(a)
In general
Section 504 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1134 ), as amended by section 2, is further amended by adding at the end the following:
(g)
Collaboration with plaintiff attorneys
(1)
In general
In the event that the Secretary provides adverse assistance to an individual, prior to providing the adverse assistance, the Secretary shall—
(A)
enter into a written agreement with the individual that details the nature and scope of such assistance; and
(B)
provide a copy of such agreement to any employer, plan sponsor, or fiduciary that may be directly and adversely impacted by such assistance.
(2)
Adverse assistance defined
For purposes of this subsection, the term  adverse assistance  means assistance or advice, including the disclosure of information as described in subsection (a), that is directed specifically toward an attorney for potential use in a civil action under section 502(a).
(3)
Report
(A)
In general
Not later than 60 days after the date of enactment of this subsection, and by December 31 of each year that begins after such date, the Secretary shall submit to Congress a report containing information on all agreements to provide adverse assistance in effect for the preceding fiscal year, including, in relation to each such agreement—
(i)
a copy of the agreement, with any information described in subparagraph (B)(ii) redacted;
(ii)
the date the agreement was entered into;
(iii)
a detailed description of the nature and scope of the assistance provided during the fiscal year, including—
(I)
the information shared, including the source, type, and amount of the information, and the date on which such information was shared;
(II)
a log of verbal communications, including—
(aa)
the date of each communication;
(bb)
the parties engaged in such communication;
(cc)
the mode of communication; and
(dd)
the nature of any information shared; and
(III)
a log of meetings, including—
(aa)
the date of each meeting;
(bb)
the parties present at the meeting;
(cc)
mode of the meeting; and
(dd)
the purpose of such meeting and the nature of any information shared; and
(iv)
an explanation of how such agreement is consistent with the public policy of promoting the voluntary sponsorship of employee benefit plans subject to this Act.
(B)
Identifying information
The report described under paragraph (A)—
(i)
shall identify the parties to each agreement; and
(ii)
may not include any information that may be used to identify any other person (including an employer, plan sponsor, plan fiduciary, service provider, or any other potential defendant).
 .
(b)
Effective date
(1)
In general
Subject to paragraph (2), the amendments made by this section shall apply to any adverse assistance provided on or after the date of enactment of this Act.
(2)
Existing agreements
For the purposes of section 504(g)(1) of the Employee Retirement Income Security Act ( 29 U.S.C. 1134(f)(1) ) (as added by subsection (a)), if, not later than 60 days after the date of enactment of this Act, the Secretary of Labor takes the actions required in paragraphs (A) and (B) of such section 504(g)(1) in relation to an existing arrangement to provide adverse assistance, the Secretary shall be deemed to have taken such actions prior to providing such adverse assistance.
4.
Private pension plans as integral to the continued well-being and security of employees and their dependents
Section 2 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1001 ) is amended by adding at the end the following:
(d)
Congress finds that the retirement security of millions of employees and their dependents is directly impacted by the voluntary sponsorship and maintenance of pension plans. It is hereby declared to be a policy of this Act to promote, encourage, and facilitate the voluntary establishment and maintenance of, and contribution to, such plans.
 .