# 119-hr-2988: Protecting Prudent Investment of Retirement Savings Act

119-hr-2988, Protecting Prudent Investment of Retirement Savings Act, is a 119th Congress bill sponsored by Rep. Allen, Rick W. [R-GA-12] (R-GA); status passed_house; PRIA reads it as touching household money (as of 2026-07-15).

- Canonical: https://policyrisk.com/legislation/119-hr-2988
- As of: 2026-07-15
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-2988
- Congress: 119
- Title: Protecting Prudent Investment of Retirement Savings Act
- Status: passed_house
- Introduced: 2025-04-24
- Sponsor: Rep. Allen, Rick W. [R-GA-12] (R-GA)
- Cosponsors: 0
- Policy area: Labor and Employment
- Touches household money: yes
- Last recorded action: 2026-07-15

## 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. - 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.

## Votes

| Date | Chamber | Question | Result | Yea | Nay |
| --- | --- | --- | --- | --- | --- |
| 2026-01-15T00:00:00.000Z | house | On Motion to Recommit | Failed | 206 | 210 |
| 2026-01-15T00:00:00.000Z | house | On Passage | Passed | 213 | 205 |

## Provisions PRIA read

- New rules for retirement proxy voting: benefit, medium. 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 a…
- Ban bias in picking plan providers: benefit, low. 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.
- Focus retirement investments on financial factors: mixed, medium. 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 defaul…
- Warnings before using plan brokerage windows: mixed, medium. 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…

## Related bills

- 119-hr-4317: PBM Reform Act of 2025
- 119-hr-833: Educational Choice for Children Act of 2025
- 119-hr-2345: Ocmulgee Mounds National Park and Preserve Establishment Act
- 119-hr-9535: Securing Agriculture's Workforce Act of 2026
- 119-hr-1262: Mikaela Naylon Give Kids a Chance Act
- 119-hr-21: Born-Alive Abortion Survivors Protection Act

## Sources
- [119-hr-2988 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/2988)

## Related
- [119-hr-4317: PBM Reform Act of 2025](https://policyrisk.com/legislation/119-hr-4317)
- [119-hr-833: Educational Choice for Children Act of 2025](https://policyrisk.com/legislation/119-hr-833)
- [119-hr-2345: Ocmulgee Mounds National Park and Preserve Establishment Act](https://policyrisk.com/legislation/119-hr-2345)
- [119-hr-9535: Securing Agriculture's Workforce Act of 2026](https://policyrisk.com/legislation/119-hr-9535)
- [119-hr-1262: Mikaela Naylon Give Kids a Chance Act](https://policyrisk.com/legislation/119-hr-1262)
- [119-hr-21: Born-Alive Abortion Survivors Protection Act](https://policyrisk.com/legislation/119-hr-21)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-2988 (as of 2026-07-15).