All Roll Calls
Yes: 419 • No: 415
HR2988119th CongressWALLET
Protecting Prudent Investment of Retirement Savings Act
Sponsored By: Representative Allen
Passed House
Summary
This Act requires fiduciaries to prioritize pecuniary factors when choosing retirement investments. It limits when social or other non-financial goals can be used, tightens proxy-voting and brokerage-window transparency, and bans discrimination in selecting service providers.
Show full summary
- Retirement savers: Plans must base investment choices on expected financial impact, with non-pecuniary goals allowed only when financial factors cannot distinguish options and the fiduciary documents justification. These rules apply to actions taken 12 months after enactment.
- Plan managers and fiduciaries: New proxy-voting rules require votes to serve the plan's economic interest, record voting activity, weigh costs, and monitor advisors. Safe-harbor voting policies and periodic reviews are allowed and these rules take effect January 1, 2026.
- Participants using brokerage windows: Plans must provide clear pre-investment disclosures and get participant acknowledgement before directing money into non-designated investments. Brokerage-window disclosure rules start January 1, 2027 and the Government Accountability Office must report a comparison study within two years.
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Bill Overview
Analyzed Economic Effects
4 provisions identified: 2 benefits, 0 costs, 2 mixed.
New rules for retirement proxy voting
Plan fiduciaries would have to treat proxy voting as part of their duty. They would act only for the plan’s economic interest and consider costs. They would keep records and monitor any advisers and proxy firms. A safe harbor would let them skip votes when holdings are under 5%. These rules would apply to votes on or after January 1, 2026.
Focus retirement investments on financial factors
Fiduciaries would have to base investments on financial factors only. They could use non-financial goals only when money factors cannot decide and after detailed documentation. They would compare options on diversification, liquidity, and returns relative to plan needs. Plans could not set a default fund that uses non-financial goals. This would start 12 months after enactment.
Warnings before using plan brokerage windows
If enacted, plans would have to warn you before you use a brokerage window. You would need to acknowledge a four-part notice every time you move money there. It would say the plan offers fiduciary-selected options and that the window is not monitored. It would warn of higher fees, higher risk, and possibly lower returns. It would show a graph to age 67 at 4%, 6%, and 8% returns. This would start January 1, 2027.
Ban bias in picking plan providers
Fiduciaries would have to choose and monitor providers using ERISA prudence and loyalty duties. They would not be allowed to consider race, color, religion, sex, or national origin.
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Sponsors & CoSponsors
Sponsor
Allen
GA • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
house vote • 1/15/2026
On Passage
Yes: 213 • No: 205
house vote • 1/15/2026
On Motion to Recommit
Yes: 206 • No: 210
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