What does Preamble of INSIGHT Act do?

This bill amends the Employee Retirement Income Security Act of 1974. The Employee Benefit Security Administration would be required to make annual reports to Congress. These reports would cover investigations relating to enforcement and adverse interest agreements.

What does SHORT TITLE. of INSIGHT Act do?

This Act is formally titled the ``Investigation Status and Governance for Honest Transparency Act'' or the ``INSIGHT Act''.

What does ANNUAL REPORT ON INVESTIGATIONS. of INSIGHT Act do?

This section amends Section 504 of the Employee Retirement Income Security Act of 1974. It requires the Secretary to submit an annual report to Congress on the status of investigations under subsection (a). The report must be submitted no later than December 31 of each year following enactment. The report must include information on the office that opened the investigation, the date it was opened, and the date the Secretary first requested documents. The report must state whether an investigation was concluded within a 36-month period after the initial document request. If an investigation has not been concluded within 36 months, the report must include information on why and an estimated date of conclusion. The report is prohibited from including any information that identifies private parties involved in the investigation. An investigation is considered concluded when the Secretary ceases asserting investigative authority or terminates targeted compliance monitoring, as documented in a closing letter.

What does REPORT ON ADVERSE INTEREST AGREEMENTS. of INSIGHT Act do?

This section amends Section 504 of the Employee Retirement Income Security Act of 1974 (ERISA). It requires the Secretary to enter into written agreements with individuals before providing 'adverse assistance' to them. Adverse assistance is defined as assistance or advice directed toward an attorney for potential use in a civil action under ERISA. The Secretary must provide copies of these agreements to potentially impacted employers, plan sponsors, or fiduciaries. The Secretary is required to submit a report to Congress within 60 days of enactment and annually thereafter, detailing all adverse assistance agreements. The report must include copies of agreements (with certain information redacted), dates, descriptions of assistance provided, and an explanation of how the agreement aligns with promoting employee benefit plan sponsorship. The report must redact identifying information to protect individuals and entities. The amendments apply to adverse assistance provided on or after the date of enactment. Existing arrangements for adverse assistance can be retroactively compliant if the Secretary takes required actions within 60 days of enactment.

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

This section amends Section 2 of the Employee Retirement Income Security Act of 1974. The amendment adds a subsection (d) to state congressional findings regarding pension plans. Congress finds that retirement security for employees and dependents is impacted by pension plans. It declares a policy to promote, encourage, and facilitate the voluntary establishment and maintenance of pension plans.

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INSIGHT Act

Last updated: 4/21/2026 · Introduced: 4/21/2026

Author: Jim Banks (R-IN)

TL;DR (AI)

The INSIGHT Act mandates annual reports to Congress detailing the status of investigations related to employee benefit plan enforcement, including timelines and reasons for delays.
Before providing legal assistance to attorneys in potential ERISA lawsuits, the bill requires the Secretary to enter into written agreements and share them with affected employers and plan sponsors.
The Act reaffirms Congress's policy to encourage the voluntary establishment and maintenance of private pension plans to support employee and dependent retirement security.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 3 more.

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