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Bill would remove liability for retirement plans to add cryptocurrencies

Posted On: Oct. 3, 2022 9:47 AM CST

Republican lawmakers have released the draft of a bill that would enable retirement plan sponsors to offer bitcoin and other cryptocurrencies in 401k plans, along with other alternative asset classes, reports 401K Specialist. The Retirement Savings Modernization Act, introduced Sept. 29 by U.S. Sens. Pat Toomey, R-Pa., and Tim Scott, R-S.C., and U.S. Rep. Peter Meijer, R-Mich., would remove liability for a breach of fiduciary duty for offering access to bitcoin and cryptocurrencies by amending the Employee Retirement Income Security Act of 1974.