What does Preamble of HR 2958 do?

This bill amends the Employee Retirement Income Security Act of 1974 It requires an annual report to Congress on adverse interest agreements The report is to be submitted by the Employee Benefit Security Administration The bill was introduced by Mr. Rulli and has an additional sponsor, Mrs. McClain The bill was reported with an amendment to the Committee of the Whole House

What does SHORT TITLE. of HR 2958 do?

This Act establishes a short title for identification purposes.

What does REPORT ON ADVERSE INTEREST AGREEMENTS. of HR 2958 do?

This section amends the Employee Retirement Income Security Act of 1974. It requires the Secretary to enter into a written agreement with an individual before providing adverse assistance. The Secretary must provide a copy of the agreement to any employer, plan sponsor, or fiduciary that may be directly and adversely impacted. The Secretary must submit a report to Congress containing information on all agreements to provide adverse assistance. The report must include details such as the date the agreement was entered into and the nature and scope of the assistance provided.

What does PRIVATE PENSION PLANS AS INTEGRAL TO THE CONTINUED WELL-BEING of HR 2958 do?

This section amends the Employee Retirement Income Security Act of 1974. The amendment adds a new subsection (d) to Section 2 of the Act. Congress finds that pension plans impact the retirement security of employees and their dependents. It declares a policy to promote, encourage, and facilitate the voluntary establishment and maintenance of pension plans.

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Balance the Scales Act — HR. 2958

Last updated: 2/20/2026 · Introduced: 4/17/2025

Author: Michael Rulli (R-OH)

TL;DR (AI)

The bill mandates annual reports to Congress detailing agreements where the Employee Benefit Security Administration provides adverse assistance.
It requires written agreements and notifications to impacted parties before the Secretary provides adverse assistance.
The bill reaffirms Congress's policy to encourage and facilitate the establishment and maintenance of private pension plans.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 2 more.

4 sections

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