1. Short title This Act may be cited as the Affordable Retirement Advice Protection Act . 2. Purpose The purpose of this Act is to provide that advisors who— (1) provide advice that is impermissible under the prohibited transaction provisions under section 406 of the Employee Retirement Income Security Act of 1974, or (2) breach the best interest standard for the provision of investment advice, are subject to liability under the Employee Retirement Income Security Act of 1974. 3. Rules relating to the provision of investment advice (a) In general (1) Definition of investment advice Section 3(21) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1002(21) ) is amended by adding at the end the following: (C) (i) For purposes of clause (ii) of subparagraph (A), the term investment advice means a recommendation that— (I) relates to— (aa) the advisability of acquiring, holding, disposing, or exchanging any moneys or other property of a plan by the plan, plan participants, or plan beneficiaries, including any recommendation whether to take a distribution of benefits from such plan or any recommendation relating to the investment of any moneys or other property of such plan to be rolled over or otherwise distributed from such plan; (bb) the management of moneys or other property of such plan, including recommendations relating to the management of moneys or other property to be rolled over or otherwise distributed from such plan; or (cc) the advisability of retaining or ceasing to retain a person who would receive a fee or other compensation for providing any of the types of advice described in this subclause; and (II) is rendered pursuant to— (aa) a written acknowledgment of the obligation of the advisor to comply with section 404 with respect to the provision of such recommendation