adopts and follows a safe harbor proxy voting 
policy that— 
‘‘(i) limits voting resources to par-
ticular types of proposals that the fiduciary 
has prudently determined are substantially 
related to the business activities of the 
issuer or are expected to have a material 
effect on the value of the plan investment; 
or 
‘‘(ii) establishes that the fiduciary will 
refrain from voting on proposals or par-
ticular types of proposals when the assets 
of a plan invested in the issuer relative to 
the total assets of such plan are below 5 
percent (or, in the event such assets are 
under management, when the assets under 
management invested in the issuer are 
below 5 percent of the total assets under 
management). 
‘‘(C) EXCEPTION.—No proxy voting policy 
adopted pursuant to this paragraph shall pre-
clude a fiduciary from submitting a proxy vote 
when the fiduciary determines that the matter 
being voted on is expected to have a material 
economic effect on the investment performance
of a plan’s portfolio (or the investment perform-
ance of assets under management in the case of 
an investment manager); provided, however, 
that in all cases compliance with a safe harbor 
voting policy shall be presumed to satisfy fidu-
ciary responsibilities with respect to decisions 
not to vote. 
‘‘(6) REVIEW.—A fiduciary shall periodically re-
view any policy adopted under this subsection.’’. 
(b) EFFECTIVE DATE.—The amendments made by 
subsection (a) shall apply to an exercise of shareholder 
rights occurring on or after January 1, 2026. 
DIVISION D—PROVIDING COM-
PLETE INFORMATION TO RE-
TIREMENT INVESTORS 
SEC. 4001. SHORT TITLE. 
This division may be cited as the ‘‘Providing Com-
plete Information to Retirement Investors Act’’. 
SEC. 4002. BROKERAGE WINDOW DISCLOSURES. 
(a) IN GENERAL.—Section 404(c) of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 
1104(c)) is amended by adding at the end the following 
new paragraph: 
‘‘(7) NOTICE REQUIREMENTS FOR BROKERAGE 
WINDOWS.—
‘‘(A) IN GENERAL.—In the case of a pen-
sion plan which provides for individual accounts 
and which provides a participant or beneficiary 
the opportunity to choose from designated in-
vestment alternatives, a participant or bene-
ficiary shall not be treated as exercising control 
over assets in the account of the participant or 
beneficiary unless, with respect to any invest-
ment arrangement that is not a designated in-
vestment alternative, each time before such a 
participant or beneficiary directs an investment 
into, out of, or within such investment arrange-
ment, such participant is notified of, and ac-
knowledges, each element of the notice de-
scribed under paragraph (B). 
‘‘(B) NOTICE.—The notice described under 
this paragraph is a four part information that 
is substantially similar to the following informa-
tion: 
‘‘1. Your retirement plan offers designated investment alternatives prudently 
selected and monitored by fiduciaries for the purpose of enabling you to con-
struct an appropriate retirement savings portfolio. In selecting and moni-
toring 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 des-
ignated 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 arrange-
ment, 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 per-
cent, 6 percent, and 8 percent on your account balance projected to age 67. 
‘‘(C) 
ILLUSTRATION.—The 
notice 
de-
scribed under paragraph (B) shall also include 
a graph displaying the projected retirement bal-
ances of such participant or beneficiary at age 
67 if the account of such individual were to 
achieve an annual return equal to each of the 
following: 
‘‘(i) 4 percent. 
‘‘(ii) 6 percent. 
‘‘(iii) 8 percent.’’. 
(b) DESIGNATED INVESTMENT ALTERNATIVE DE-
FINED.—Section 3 of such Act (29 U.S.C. 1002) is 
amended by adding at the end the following new para-
graph: 
‘‘(46) 
DESIGNATED
INVESTMENT
ALTER-
NATIVE.— 
‘‘(A) IN GENERAL.—The term ‘designated 
investment alternative’ means any investment 
alternative designated by a responsible fiduciary 
of an individual account plan described in sub-
section 404(c) into which participants and bene-
ficiaries may direct the investment of assets 
held in, or contributed to, their individual ac-
counts.
‘‘(B) EXCEPTION.—The term ‘designated 
investment alternative’ does not include broker-
age windows, self-directed brokerage accounts, 
or similar plan arrangements that enable par-
ticipants and beneficiaries to select investments 
beyond those designated by a responsible plan 
fiduciary.’’. 
(c) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall take effect on January 1, 2027. 
SEC. 4003. GAO STUDY OF BROKERAGE ACCOUNTS. 
Not later than 2 years after the date of enactment 
of this Act, the Comptroller General shall submit a report 
to Congress comparing the returns generated by any in-
vestment arrangement that— 
(1) is not a designated investment alternative 
(as defined in section 2(46) of the Employee Retire-
ment Income Security Act of 1974 (29 U.S.C. 
1002(46)); 
(2) is subject to section 404(c)(7) of such Act 
(29 U.S.C 1104(c)(7)); and 
(3) is available in defined contribution plans (as 
defined in section 3(34) of such Act (29 U.S.C. 
1002(34))