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S 4360

INSIGHT Act

119th Congress Introduced by Jim Banks and 3 co-sponsors

The INSIGHT Act requires EBSA to provide annual public reports on enforcement investigations and adverse-assistance agreements, increasing transparency and oversight.

Introduced in Senate
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WeVote Research Nonpartisan
Bill Summary · S 4360

Summary of Bill: INSIGHT Act (S. 4360, 119th Congress)

Jurisdiction: United States | Title: Investigation Status and Governance for Honest Transparency Act

Introduced: April 21, 2026
Primary Sponsors: Senator Banks (authors), with co-sponsors Senator Cassidy, Senator Tuberville, Senator Scott of SC
Status: Read twice and referred to the Senate Committee on Health, Education, Labor, and Pensions

1) Purpose and Intent

  • The INSIGHT Act amends the Employee Retirement Income Security Act of 1974 (ERISA) to increase transparency and accountability within the Employee Benefits Security Administration (EBSA), a division of the Department of Labor.
  • Main aim: require EBSA to provide annual congressional reporting on investigations related to enforcement and on adverse interest agreements, and to add protections and procedures around the use of adverse assistance in civil actions involving ERISA plans.
  • Additionally, the bill emphasizes the perceived importance of private pension plans to employee well-being, reaffirming a policy preference for voluntary sponsorship and maintenance of such plans.

2) Key Provisions and Changes

A. Annual Report on Investigations (Section 2)

  • EBSA must submit an annual report to Congress by December 31 each year, covering the status of enforcement-related investigations from the previous fiscal year.
  • The report must include for each investigation:
    • The EBSA office that opened the investigation (regional/district or other EBSA office).
    • The date the investigation opened.
    • The date EBSA first requested documents from the target.
    • 36-month status check: whether the investigation was concluded within 36 months of the initial document request, or, if not concluded, reasons for the delay and an estimated conclusion date.
  • Exclusions: The report cannot identify private parties to investigations (e.g., plan participants, sponsors, fiduciaries, service providers, employees, beneficiaries).

B. Definition and Reporting of Adverse Interest Agreements (Section 3)

  • EBSA must collaborate with plaintiff attorneys when providing adverse assistance to individuals.
  • Before providing adverse assistance, EBSA must:
    • Enter into a written agreement detailing the scope of assistance.
    • Provide a copy of the agreement to any employer/plan sponsor/fiduciary potentially impacted.
  • Defines “adverse assistance” as guidance or information shared with an attorney that could be used in a civil action under ERISA section 502(a).

  • Annual reporting on adverse assistance:

    • Within 60 days after enactment, and thereafter by December 31 of each year, EBSA must report on all adverse assistance agreements in effect for the preceding fiscal year.
    • The report must include:
    • A copy of the agreement (with redactions for identifying information).
    • Dates of agreement inception.
    • Detailed description of assistance, including:
      • Information shared (source, type, amount) and the date shared.
      • Verbal communications log (date, participants, mode, content).
      • Meeting log (date, attendees, mode, purpose, information shared).
      • An explanation of how the agreement aligns with public policy promoting voluntary sponsorship of ERISA plans.
    • Identifying information about the parties to each agreement must be disclosed, but cannot reveal information that could identify other individuals or entities.

  • Effective date and transition:

    • The amendments regarding adverse assistance apply to adverse assistance provided on or after the enactment date.
    • For existing arrangements, if EBSA takes required actions within 60 days of enactment, those existing arrangements are treated as compliant.

C. Foundational Policy Statement (Section 4)

  • Adds a policy finding to ERISA stating that retirement security for millions of employees depends on voluntary sponsorship and maintenance of pension plans.
  • Declares it a congressional policy to promote and facilitate voluntary establishment and contribution to such plans.

3) Who/What Is Affected

  • Affected Entity: Employee Benefits Security Administration (EBSA) within the Department of Labor.
  • Affected Parties in Investigations: Plan sponsors, fiduciaries, service providers, and participants may be impacted by increased transparency in investigations (though identifying information about private parties is restricted in the public report).
  • Affected Areas: Enforcement investigations and any civil actions involving adverse assistance provided by EBSA.

4) Procedural and Timeline Aspects

  • Reporting Schedule:
    • Annual reports on investigations due by December 31 each year (covering the prior fiscal year).
    • Initial adverse assistance report due within 60 days after enactment; subsequent annual reports due by December 31 each year.
  • Concluding Investigations:
    • For each investigation, the 36-month benchmark is used to determine timely closure, with explanations and estimated closure dates if not concluded.
  • Confidentiality/Privacy:
    • Public reports must redact identifying information about private parties, while still identifying the involved entities at a high level.
  • Effective Date:
    • Provisions apply to adverse assistance provided on or after enactment; interim handling for existing adverse assistance arrangements is provided if EBSA acts within 60 days.

5) Potential Impacts

  • Enhanced congressional oversight of EBSA enforcement activity and investigation timelines.
  • Greater transparency regarding any adverse assistance EBSA provides to individuals involved in ERISA-related civil actions.
  • Possible administrative and reporting workload increases for EBSA and related stakeholders.
  • Reemphasizes support for voluntary pension plan sponsorship as a policy objective.

If you’d like, I can compare this bill to current ERISA reporting requirements or provide a quick impact assessment for specific stakeholder groups (employers, plans, participants).

Compiled from official sources — confirm details with the bill’s official record.

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