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H.R. 2988: Protecting Prudent Investment of Retirement Savings Act

119th Congress · introduced 2025-04-24 · Labor and Employment · Latest: Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

federal

What does this mean?

Official title

Protecting Prudent Investment of Retirement Savings Act

Plain 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.

Congressional Research Service summary (Reported to House), quoted unchanged (nonpartisan). Read the source.

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If it passes both chambers and is signed, it becomes law.

A “Nay” vote

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PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Protecting Prudent Investment of Retirement Savings Act

Source: Congressional Research Service summary (Reported to House)

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Officials and money

Sponsor: Rep. Allen, Rick W. [R-GA-12] · 0 cosponsors

Money: CBO cost estimate: H.R. 2988, Protecting Prudent Investment of Retirement Savings Act (2025-09-29) No linked contracts or vendors yet.

Recorded votes

Words on this page, explained (2)
Appropriation
Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong119-hr2988 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills