I 

118TH CONGRESS 

1ST SESSION H. R. 5340 

To amend the Employee Retirement Income Security Act of 1974 to ensure 

that pension plans provide notice to participants and beneficiaries on 

risks associated with certain investments, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 5, 2023 

Mr. BANKS introduced the following bill; which was referred to the Committee 

on Education and the Workforce 

A BILL 

To amend the Employee Retirement Income Security Act 

of 1974 to ensure that pension plans provide notice 

to participants and beneficiaries on risks associated with 

certain investments, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Providing Complete 

5 Information to Retirement Investors Act’’. 

6 SEC. 2. BROKERAGE WINDOW DISCLOSURES. 

7 (a) IN GENERAL.—Section 404(c) of the Employee 

8 Retirement Income Security Act of 1974 (29 U.S.C. 


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1 1104(c)) is amended by adding at the end the following 

2 new paragraph: 

3 ‘‘(7) NOTICE REQUIREMENTS FOR BROKERAGE

4 WINDOWS.— 

5 ‘‘(A) IN GENERAL.—In the case of a pen6 sion plan which provides for individual accounts 

7 and which provides a participant or beneficiary 

8 the opportunity to choose from designated in9 vestment alternatives, a participant or bene10 ficiary shall not be treated as exercising control 

11 over assets in the account of the participant or 

12 beneficiary unless, with respect to any invest13 ment arrangement that is not a designated in14 vestment alternative, each time before such a 

15 participant or beneficiary directs an investment 

16 into, out of, or within such investment arrange17 ment, such participant is notified of, and ac18 knowledges, each element of the notice de19 scribed under paragraph (B). 

20 ‘‘(B) NOTICE.—The notice described under 

21 this paragraph is a four part information that 

22 is substantially similar to the following informa23 tion: 


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‘‘1. Your retirement plan offers designated investment alternatives prudently 

selected and monitored by fiduciaries for the purpose of enabling you to construct an appropriate retirement savings portfolio. In selecting and monitoring designated investment alternatives, your plan’s fiduciary considers the 

risk of loss and the opportunity for gain (or other return) compared with 

reasonably available investment alternatives. 

2. The investments available through this investment arrangement are not designated investment alternatives, and have not been prudently selected and 

are not monitored by a plan fiduciary. 

3. Depending on the investments you select through this investment arrangement, you may experience diminished returns, higher fees, and higher risk 

than if you select from the plan’s designated investment alternatives. 

4. The following is a hypothetical illustration of the impact of return at 4 percent, 6 percent, and 8 percent on your retirement balance projected to age 

67. 

1 ‘‘(C) ILLUSTRATION.—The notice de2 scribed under paragraph (B) shall also include 

3 a graph displaying the projected retirement bal4 ances of such participant or beneficiary at age 

5 67 if the account of such individual were to 

6 achieve an annual return equal to each of the 

7 following: 

8 ‘‘(i) 4 percent. 

9 ‘‘(ii) 6 percent. 

10 ‘‘(iii) 8 percent.’’. 

11 (b) DESIGNATED INVESTMENT ALTERNATIVE DE12 FINED.—Section 3 of such Act (29 U.S.C. 1002) is 

13 amended by adding at the end the following new para14 graph: 

15 ‘‘(46) DESIGNATED INVESTMENT ALTER16 NATIVE.— 

17 ‘‘(A) IN GENERAL.—The term ‘designated 

18 investment alternative’ means any investment 


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1 alternative designated by a responsible fiduciary 

2 of an individual account plan described in sub3 section 404(c) into which participants and bene4 ficiaries may direct the investment of assets 

5 held in, or contributed to, their individual ac6 counts. 

7 ‘‘(B) EXCEPTION.—The term ‘designated 

8 investment alternative’ does not include broker9 age windows, self-directed brokerage accounts, 

10 or similar plan arrangements that enable par11 ticipants and beneficiaries to select investments 

12 beyond those designated by a responsible plan 

13 fiduciary.’’. 

14 (c) EFFECTIVE DATE.—The amendment made by 

15 subsection (a) shall take effect on January 1, 2025. 

Æ 


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