Balance the Scales Act

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to require the Secretary of Labor to enter into written agreements before providing certain assistance to individuals for use in lawsuits against employers or plan fiduciaries, and to submit annual reports to Congress on those agreements. It also adds a congressional finding that private pension plans are vital to employee security and declares a policy to encourage their voluntary establishment.

Sec. 2, Report on adverse interest agreements: Before the Secretary provides 'adverse assistance' (help or information specifically for an attorney to use in a civil action under ERISA) to an individual, the Secretary must sign a written agreement detailing the assistance and give a copy to any employer, plan sponsor, or fiduciary that could be directly harmed. By December 31 each year, the Secretary must report to Congress on all such agreements from the prior fiscal year, including copies (with identifying information of potential defendants redacted), dates, detailed descriptions of information shared, logs of verbal communications and meetings, and an explanation of how each agreement aligns with the policy of promoting voluntary employee benefit plans. The report must identify the parties to each agreement but cannot include information that could identify any other person, such as an employer or plan fiduciary. These rules apply to assistance provided after the bill's enactment, with a 60-day grace period for existing arrangements.

Sec. 3, Private pension plans as integral to the continued well-being and security of employees and their dependents: Congress finds that the retirement security of millions of employees and their dependents is directly affected by the voluntary sponsorship and maintenance of pension plans. It declares a policy of this Act to promote, encourage, and facilitate the voluntary establishment and maintenance of, and contributions to, such plans.