117-hr-9198117th Congress

To amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to limit fiduciary consideration of non-pecuniary factors in investment decision-making.

Sponsored By: Representative Murphy, Gregory F. [R-NC-3]

Unknown

Summary

This bill generally requires fiduciaries of employer-sponsored retirement plans to make investment decisions based only on pecuniary factors (i.e., factors that a fiduciary prudently determines are expected to have a material effect on the risk and 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 when selecting investment options for certain participant-directed retirement plans if specified requirements are met (e.g., the investment option is not a default investment). Further, if a plan includes investment options based on nonpecuniary factors, it also must include investment options that are not based on any such factors.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Murphy, Gregory F. [R-NC-3]

NC • R

Cosponsors

  • Rep. Miller, Carol D. [R-WV-1]

    WV • R

    Sponsored 10/18/2022

  • Rep. Schweikert, David [R-AZ-1]

    AZ • R

    Sponsored 10/18/2022

  • Rep. Smucker, Lloyd [R-PA-11]

    PA • R

    Sponsored 10/18/2022

  • Rep. Wenstrup, Brad R. [R-OH-2]

    OH • R

    Sponsored 11/16/2022

  • Rep. Donalds, Byron [R-FL-19]

    FL • R

    Sponsored 12/1/2022

Roll Call Votes

No roll call votes available for this bill.

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