S. 1728: Employee Ownership Representation Act of 2025
The Employee Ownership Representation Act of 2025 proposes changes to the Employee Retirement Income Security Act (ERISA) of 1974, specifically focusing on the Advisory Council on Employee Welfare and Pension Benefit Plans. Here are the main points of the bill:
Expansion of Advisory Council Membership
The bill intends to increase the size of the Advisory Council from 15 to 17 members. Additionally, it aims to adjust the composition of the council by increasing the number of members representing employee ownership organizations from 8 to 10. This means that, out of the total council members, there will now be 2 representatives specifically designated to advocate for employee ownership interests.
Responsibilities of the Secretary of Labor
Once the bill is enacted, the Secretary of Labor will have a deadline of one year to nominate the first two representatives from employee ownership organizations to join the Advisory Council.
Purpose of the Bill
The overall aim of this legislation is to ensure that employee ownership perspectives are considered in the discussions and decisions made by the Advisory Council, which plays a significant role in shaping policies related to employee welfare and pension benefits.
Key Terms
- Employee Ownership: A business model where employees own shares in the company, aligning their interests with the performance of the business.
- Advisory Council: A body that provides advice and recommendations related to employee welfare and pension policies.
- ERISA: A federal law that sets standards for pension and health plans to protect employees and their beneficiaries.
Relevant Companies
None found.
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
3 bill sponsors
Actions
7 actions
| Date | Action |
|---|---|
| Oct. 09, 2025 | Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent. |
| Oct. 09, 2025 | Passed Senate with an amendment by Unanimous Consent. |
| Sep. 11, 2025 | Committee on Health, Education, Labor, and Pensions. Reported by Senator Cassidy with an amendment in the nature of a substitute. Without written report. |
| Sep. 11, 2025 | Placed on Senate Legislative Calendar under General Orders. Calendar No. 157. |
| Jul. 30, 2025 | Committee on Health, Education, Labor, and Pensions. Ordered to be reported with an amendment in the nature of a substitute favorably. |
| May. 13, 2025 | Introduced in Senate |
| May. 13, 2025 | Read twice and referred to the Committee on Health, Education, Labor, and Pensions. |
Corporate Lobbying
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Potentially Relevant Congressional Stock Trades
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