IB 

Union Calendar No. 183 

118TH CONGRESS 

1ST SESSION H. R. 5340 

[Report No. 118–224] 

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 

SEPTEMBER 26, 2023 

Additional sponsor: Mrs. HOUCHIN

SEPTEMBER 26, 2023 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on September 5, 2023] 


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•HR 5340 RH

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. 


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•HR 5340 RH

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 In5 formation to Retirement Investors Act’’. 

6 SEC. 2. BROKERAGE WINDOW DISCLOSURES. 

7 (a) IN GENERAL.—Section 404(c) of the Employee Re8 tirement Income Security Act of 1974 (29 U.S.C. 1104(c)) 

9 is amended by adding at the end the following new para10 graph: 

11 ‘‘(7) NOTICE REQUIREMENTS FOR BROKERAGE

12 WINDOWS.— 

13 ‘‘(A) IN GENERAL.—In the case of a pension 

14 plan which provides for individual accounts and 

15 which provides a participant or beneficiary the 

16 opportunity to choose from designated invest17 ment alternatives, a participant or beneficiary 

18 shall not be treated as exercising control over as19 sets in the account of the participant or bene20 ficiary unless, with respect to any investment ar21 rangement that is not a designated investment 

22 alternative, each time before such a participant 

23 or beneficiary directs an investment into, out of, 

24 or within such investment arrangement, such 

25 participant is notified of, and acknowledges, 


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•HR 5340 RH

1 each element of the notice described under para2 graph (B). 

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

4 this paragraph is a four part information that 

5 is substantially similar to the following informa6 tion: 

‘‘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 account balance projected to age 67. 

7 ‘‘(C) ILLUSTRATION.—The notice described 

8 under paragraph (B) shall also include a graph 

9 displaying the projected retirement balances of 

10 such participant or beneficiary at age 67 if the 

11 account of such individual were to achieve an 

12 annual return equal to each of the following: 

13 ‘‘(i) 4 percent. 

14 ‘‘(ii) 6 percent. 

15 ‘‘(iii) 8 percent.’’. 

16 (b) DESIGNATED INVESTMENT ALTERNATIVE DE17 FINED.—Section 3 of such Act (29 U.S.C. 1002) is amended 

18 by adding at the end the following new paragraph: 


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•HR 5340 RH

1 ‘‘(46) DESIGNATED INVESTMENT ALTER2 NATIVE.— 

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

4 investment alternative’ means any investment 

5 alternative designated by a responsible fiduciary 

6 of an individual account plan described in sub7 section 404(c) into which participants and bene8 ficiaries may direct the investment of assets held 

9 in, or contributed to, their individual accounts. 

10 ‘‘(B) EXCEPTION.—The term ‘designated in11 vestment alternative’ does not include brokerage 

12 windows, self-directed brokerage accounts, or 

13 similar plan arrangements that enable partici14 pants and beneficiaries to select investments be15 yond those designated by a responsible plan fidu16 ciary.’’. 

17 (c) EFFECTIVE DATE.—The amendment made by sub18 section (a) shall take effect on January 1, 2025. 


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Union Calendar No. 183 

118TH CONGRESS 

1ST SESSION H. R. 5340 

[Report No. 118–224] 

A BILL 

To amend the Employee Retirement Income Secufor other purposes. on risks associated with certain investments, and provide notice to participants and beneficiaries rity Act of 1974 to ensure that pension plans 

SEPTEMBER 26, 2023 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


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