{"format":1,"id":"119-hr-2988","congress":119,"number":"H.R. 2988","kind":"bill","group":"bills","title":"Protecting Prudent Investment of Retirement Savings Act","title_source":"Short Title(s) as Passed House","official_title":"To amend the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors, and for other purposes.","titles":[{"type":"Official Title as Introduced","title":"To amend the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors, and for other purposes."},{"type":"Short Titles from RFS (Referred to Senate) bill text","title":"Protecting Prudent Investment of Retirement Savings Act"},{"type":"Short Title(s) for portions of this bill from RFS (Referred to Senate) bill text","title":"Increase Retirement Earnings Act"},{"type":"Short Title(s) for portions of this bill from RFS (Referred to Senate) bill text","title":"No Discrimination in My Benefits Act"},{"type":"Short Title(s) for portions of this bill from RFS (Referred to Senate) bill text","title":"Retirement Proxy Protection Act"},{"type":"Short Title(s) for portions of this bill from RFS (Referred to Senate) bill text","title":"Providing Complete Information to Retirement Investors Act"},{"type":"Official Title from EH (Engrossed in House) bill text","title":"To amend the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors, and for other purposes."},{"type":"Short Title(s) as Passed House","title":"Protecting Prudent Investment of Retirement Savings Act"},{"type":"Short Title(s) as Passed House for portions of this bill","title":"Providing Complete Information to Retirement Investors Act"},{"type":"Short Title(s) as Passed House for portions of this bill","title":"Retirement Proxy Protection Act"},{"type":"Short Title(s) as Passed House for portions of this bill","title":"No Discrimination in My Benefits Act"},{"type":"Short Title(s) as Passed House for portions of this bill","title":"Increase Retirement Earnings Act"},{"type":"Short Title(s) as Reported to House","title":"Protecting Prudent Investment of Retirement Savings Act"},{"type":"Short Title(s) as Reported to House for portions of this bill","title":"Increase Retirement Earnings Act"},{"type":"Short Title(s) as Reported to House for portions of this bill","title":"No Discrimination in My Benefits Act"},{"type":"Short Title(s) as Reported to House for portions of this bill","title":"Retirement Proxy Protection Act"},{"type":"Short Title(s) as Reported to House for portions of this bill","title":"Providing Complete Information to Retirement Investors Act"},{"type":"Display Title","title":"Protecting Prudent Investment of Retirement Savings Act"},{"type":"Short Title(s) as Introduced for portions of this bill","title":"Providing Complete Information to Retirement Investors Act"},{"type":"Short Title(s) as Introduced for portions of this bill","title":"Increase Retirement Earnings Act"},{"type":"Short Title(s) as Introduced","title":"Protecting Prudent Investment of Retirement Savings Act"},{"type":"Short Title(s) as Introduced for portions of this bill","title":"Retirement Proxy Protection Act"},{"type":"Short Title(s) as Introduced for portions of this bill","title":"No Discrimination in My Benefits Act"}],"outcome":"passed_house","law_number":null,"introduced":"2025-04-24","chambers":{"house":{"status":"roll_call","date":"2026-01-15","vote":{"id":"119-2026-h31","question":"On Passage","title":"Protecting Prudent Investment of Retirement Savings Act","result":"Passed","yea":213,"nay":205,"present":0,"not_voting":13,"source":"https://clerk.house.gov/evs/2026/roll031.xml"}},"senate":{"status":"pending","date":null,"vote":null}},"president":{"status":"not_yet","date":null},"vice_president_tie_breaker":null,"latest_action":{"text":"Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.","date":"2026-01-26"},"nominees":null,"amendments":[{"number":"H.Amdt. 152","sponsor":"Rep. Huizenga, Bill [R-MI-4]","purpose":"Amendment requires the Government Accountability Office to publish a study on brokerage accounts.","result":"Agreed to","date":"2026-01-15","yea":395,"nay":22,"present":0,"not_voting":14,"source":"https://clerk.house.gov/evs/2026/roll029.xml"}],"other_votes":[{"chamber":"house","date":"2026-01-15","question":"On Agreeing to the Amendment","title":"","result":"Agreed to","yea":395,"nay":22,"present":0,"not_voting":14,"kind":"amendment","source":"https://clerk.house.gov/evs/2026/roll029.xml"},{"chamber":"house","date":"2026-01-15","question":"On Motion to Recommit","title":"Protecting Prudent Investment of Retirement Savings Act","result":"Failed","yea":206,"nay":210,"present":0,"not_voting":15,"kind":"procedural","source":"https://clerk.house.gov/evs/2026/roll030.xml"}],"crs_summary":{"date":"2025-12-30","stage":"Reported to House","blocks":[{"k":"h","t":"Protecting Prudent Investment of Retirement Savings Act"},{"k":"p","t":"This bill modifies the requirements for fiduciaries of employer-sponsored retirement plans."},{"k":"p","t":"First, the bill generally requires a plan fiduciary to make investment decisions based solely on pecuniary factors (i.e., factors that a fiduciary prudently determines are expected to have a material effect on the risk or return of an investment based on appropriate investment horizons consistent with the plan's policies and objectives)."},{"k":"p","t":"The bill allows nonpecuniary factors to be considered in certain situations, such as when selecting investment options for certain participant-directed retirement plans or if the fiduciary is unable to distinguish between investment alternatives on the basis of pecuniary factors alone."},{"k":"p","t":"The bill also prohibits a plan fiduciary from discriminating when selecting, monitoring, and retaining any fiduciary, counsel, employee, or service provider of the plan."},{"k":"p","t":"The bill requires a plan fiduciary to act solely and prudently in accordance with the interests of the plan's participants and beneficiaries when exercising a shareholder right (e.g., voting of proxies). However, the fiduciary duty to manage shareholder rights does not require the voting of every proxy or the exercise of every shareholder right."},{"k":"p","t":"Finally, the bill requires a plan fiduciary to provide specified notices with respect to a pension plan that provides a participant or beneficiary the opportunity to select from designated investment alternatives."}],"words":218},"summary":{"main_subject":{"text":"Amends the Employee Retirement Income Security Act of 1974 to change the duties of fiduciaries of employer-sponsored retirement plans, covering investment factors, selection of plan service providers, shareholder rights and notices for brokerage windows.","cites":[{"label":"Sec. 1002","href":"https://www.congress.gov/bill/119th-congress/house-bill/2988/text/eh#toc-H1CD8155FC8AF4951889A4BE3461BDAD3"},{"label":"Sec. 2002","href":"https://www.congress.gov/bill/119th-congress/house-bill/2988/text/eh#toc-H399ECE9A548D464BA46BF1D54DD5DDE9"},{"label":"Sec. 3002","href":"https://www.congress.gov/bill/119th-congress/house-bill/2988/text/eh#toc-H07CAEDEF59F343F5997825B0F856E3B3"},{"label":"Sec. 4002","href":"https://www.congress.gov/bill/119th-congress/house-bill/2988/text/eh#toc-HEAB37546C57845849A402A51218F0394"}]},"core_areas":["Fiduciary consideration of pecuniary and non-pecuniary investment factors","Selection of plan fiduciaries, counsel, employees and service providers","Exercise of shareholder rights and proxy voting by plan fiduciaries","Notices for brokerage windows in individual account plans","Government Accountability Office report on brokerage account returns"],"what_it_does":[{"text":"Provides that a plan fiduciary acts solely in the interest of participants and beneficiaries on an investment only if the action is based solely on pecuniary factors, with exceptions for documented cases where pecuniary factors cannot distinguish between alternatives.","cite":{"label":"Sec. 1002","href":"https://www.congress.gov/bill/119th-congress/house-bill/2988/text/eh#toc-H1CD8155FC8AF4951889A4BE3461BDAD3"}},{"text":"Requires fiduciaries to select, monitor and retain any fiduciary, counsel, employee or service provider of the plan without regard to race, color, religion, sex, or national origin.","cite":{"label":"Sec. 2002","href":"https://www.congress.gov/bill/119th-congress/house-bill/2988/text/eh#toc-H399ECE9A548D464BA46BF1D54DD5DDE9"}},{"text":"Provides that a fiduciary's duty to manage plan stock includes managing shareholder rights such as proxy voting, which must be done prudently and solely in the interests of participants and beneficiaries, without requiring every proxy to be voted.","cite":{"label":"Sec. 3002","href":"https://www.congress.gov/bill/119th-congress/house-bill/2988/text/eh#toc-H07CAEDEF59F343F5997825B0F856E3B3"}},{"text":"Allows a fiduciary to adopt a safe harbor proxy voting policy for decisions not to vote, including refraining from voting where plan assets invested in the issuer are below 5 percent of total plan assets.","cite":{"label":"Sec. 3002","href":"https://www.congress.gov/bill/119th-congress/house-bill/2988/text/eh#toc-H07CAEDEF59F343F5997825B0F856E3B3"}},{"text":"Requires that, before each investment directed into, out of or within a brokerage window or similar arrangement, the participant is notified of and acknowledges a four-part notice, including a graph of projected balances at age 67 at annual returns of 4, 6 and 8 percent.","cite":{"label":"Sec. 4002","href":"https://www.congress.gov/bill/119th-congress/house-bill/2988/text/eh#toc-HEAB37546C57845849A402A51218F0394"}},{"text":"Requires the Comptroller General to report to Congress, not later than 2 years after enactment, comparing returns of brokerage-type investment arrangements with returns of other investment options in defined contribution plans.","cite":{"label":"Sec. 4003","href":"https://www.congress.gov/bill/119th-congress/house-bill/2988/text/eh#H8AA5D45D91CC43AEAAEAD1E27EC92108"}}],"unexpected":[{"category":"selective_carve_out","items":[{"cite":{"label":"Sec. 3002","href":"https://www.congress.gov/bill/119th-congress/house-bill/2988/text/eh#toc-H07CAEDEF59F343F5997825B0F856E3B3"},"heading":"Exercise of shareholder rights","effect":"Adds a new ERISA subsection on exercising shareholder rights and proxy voting, and excludes from it voting, tender and similar rights for qualifying employer securities and for securities in investment arrangements that are not designated investment alternatives when rights are passed through to participants.","amount":null,"quote":"This subsection shall not apply to voting, tender, and similar rights with respect to qualifying employer securities or securities held in an investment arrangement that is not a designated investment alternative"}]}],"version":{"type":"Engrossed in House","date":"2026-01-15","rule":"passed","href":"https://www.congress.gov/bill/119th-congress/house-bill/2988/text/eh"},"current":true,"model":"claude-sonnet-5-5","approved":"2026-10-03","approved_by":"checks"},"sources":{"congress_gov":"https://www.congress.gov/bill/119th-congress/house-bill/2988","text":"https://www.congress.gov/bill/119th-congress/house-bill/2988/text"},"card":{"image":"card/item/119-hr-2988.png","v":"e4b2c48d8b50","alt":"Votes on Record. H.R. 2988, 119th Congress: Protecting Prudent Investment of Retirement Savings Act. House: 213 Yea, 205 Nay. Senate: not yet considered. Outcome: Passed House, 15 Jan 2026."}}