S. 4360 — INSIGHT Act

This section requires the Secretary of Labor to submit to Congress, by December 31 each year after enactment, an annual report on the status of enforcement cases—including active investigations and targeted compliance monitoring—under ERISA civil enforcement authority (29 U.S.C. 1134(a)) during the preceding fiscal year. For each such investigation, the report must identify (1) the Employee Benefits Security Administration (EBSA) office that opened it; (2) the opening date; (3) the date of the first document request to the target; and (4) relative to that request date, whether it concluded within 36 months (defined as the later of ceasing investigative authority or targeted compliance monitoring, per closing letter), or if not, the reasons for delay and estimated conclusion date. The report excludes identifying information on private parties (e.g., plans, sponsors, fiduciaries) and treats evolving investigations as continuations rather than new cases.

This section amends Section 504 of the Employee Retirement Income Security Act of 1974 (ERISA) (29 U.S.C. 1134), as amended by section 2, by adding subsection (g) to require the Secretary of Labor, prior to providing "adverse assistance" (i.e., assistance or advice, including information disclosure under subsection (a), directed specifically to an attorney for use in a civil action under ERISA Section 502(a)) to an individual, to (1) enter into a written agreement detailing the nature and scope of such assistance and (2) provide a copy of the agreement to any employer, plan sponsor, or fiduciary directly and adversely impacted. It further requires the Secretary to submit to Congress a report, not later than 60 days after enactment and by December 31 of each year thereafter, on all such agreements in effect during the preceding fiscal year—including for each a redacted copy of the agreement, the date entered, detailed logs of information shared and communications or meetings, and an explanation of consistency with the public policy of promoting voluntary sponsorship of ERISA plans (with reports identifying agreement parties but redacting information identifying others). The amendments apply to adverse assistance provided on or after the date of enactment, but compliance within 60 days after enactment for existing arrangements deems it prior to provision.

This section adds a congressional finding and policy declaration to ERISA stating that the retirement security of millions of employees and their dependents is directly impacted by the voluntary sponsorship and maintenance of private pension plans and declaring it the policy of the Act to promote, encourage, and facilitate the voluntary establishment, maintenance, and contribution to such plans.