H.R.2958

Balance the Scales Act amends ERISA to mandate annual reporting on adverse interest agreements.

The Balance the Scales Act amends the Employee Retirement Income Security Act of 1974 to require the Employee Benefit Security Administration to submit an annual report to Congress on adverse interest agreements. This report must include details such as the date of each meeting, parties present, mode of the meeting, purpose, and nature of information shared. The Act also defines "adverse assistance" as assistance or advice directed toward an attorney for potential use in a civil action. The amendments apply to any adverse assistance provided after the enactment of this Act.