Fiscal Responsibility and Retirement Security Act

[AI summary unavailable — showing source text] Fiscal Responsibility and Retirement Security Act - Amends the Public Health Service Act, as amended by the Patient Protection and Affordable Care Act, to require congressional approval of the designation by the Secretary of Health and Human Services (HHS) of a benefit plan as the CLASS Independence Benefit Plan under the CLASS program (a national, voluntary insurance program for purchasing community living assistance services and supports). Sets forth procedures for such congressional approval by joint resolution. Prohibits an employer from enrolling an employee in the CLASS program without providing specified notice to the employee, which includes: (1) the significant risk of failure of such a program; (2) information on deficits that the program is expected to run; (3) a statement that there is no separate pool of money set aside to pay the CLASS program benefits; and (4) an explanation of the immediate termination of the program if it is reported to be actuarially unsound. Prohibits premiums from being collected before the Secretary has promulgated the required regulations in final form. Terminates such program if the report by the Board of Trustees of the CLASS Independence Fu…