Govoptes

HR 2988 · Protecting Prudent Investment of Retirement Savings Act

Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Introduced
Apr 24, 2025
Latest action
Jan 26, 2026
Sponsor
Rep. Rick W. Allen [R-GA-12]
Policy area
Labor and Employment
Cosponsors
0

Summary

Protecting Prudent Investment of Retirement Savings Act This bill modifies the requirements for fiduciaries of employer-sponsored retirement plans. 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). 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. The bill also prohibits a plan fiduciary from discriminating when selecting, monitoring, and retaining any fiduciary, counsel, employee, or service provider of the plan. 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. 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.

Recent actions

  1. Jan 26, 2026 Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
  2. Jan 15, 2026 Motion to reconsider laid on the table Agreed to without objection.
  3. Jan 15, 2026 On passage Passed by the Yeas and Nays: 213 - 205 (Roll no. 31).
  4. Jan 15, 2026 Passed/agreed to in House: On passage Passed by the Yeas and Nays: 213 - 205 (Roll no. 31).
  5. Jan 15, 2026 On motion to recommit Failed by the Yeas and Nays: 206 - 210 (Roll no. 30).
  6. Jan 15, 2026 The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
  7. Jan 15, 2026 Ms. Kaptur moved to recommit to the Committee on Education and Workforce. (text: CR H905)
  8. Jan 15, 2026 The previous question was ordered on the amendment and the bill pursuant to the rule.

Votes

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