IB 
Union Calendar No. 367 
119TH CONGRESS 
1ST SESSION H. R. 2988 
[Report No. 119–421] 
To amend the Employee Retirement Income Security Act of 1974 to specify 
requirements concerning the consideration of pecuniary and non-pecu-
niary factors, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 24, 2025 
Mr. ALLEN introduced the following bill; which was referred to the Committee 
on Education and Workforce 
DECEMBER 30, 2025 
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 April 24, 2025] 
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A BILL 
To amend the Employee Retirement Income Security Act 
of 1974 to specify requirements concerning the consider-
ation of pecuniary and non-pecuniary factors, and for 
other purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the ‘‘Pro-
tecting Prudent Investment of Retirement Savings Act’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
DIVISION A—INCREASE RETIREMENT EARNINGS 
Sec. 1001. Short title. 
Sec. 1002. Limitation on consideration of non-pecuniary factors by fiduciaries. 
DIVISION B—NO DISCRIMINATION IN MY BENEFITS 
Sec. 2001. Short title. 
Sec. 2002. Service provider selection. 
DIVISION C—RETIREMENT PROXY PROTECTION 
Sec. 3001. Short title. 
Sec. 3002. Exercise of shareholder rights. 
DIVISION D—PROVIDING COMPLETE INFORMATION TO RETIREMENT 
INVESTORS 
Sec. 4001. Short title. 
Sec. 4002. Brokerage window disclosures. 
DIVISION A—INCREASE 
RETIREMENT EARNINGS 
SEC. 1001. SHORT TITLE. 
This division may be cited as the ‘‘Increase Retirement 
Earnings Act’’. 
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SEC. 1002. LIMITATION ON CONSIDERATION OF NON-PECU-
NIARY FACTORS BY FIDUCIARIES. 
(a) IN GENERAL.—Section 404(a) of the Employee Re-
tirement Income Security Act of 1974 (29 U.S.C. 1104(a)) 
is amended by adding at the end the following: 
‘‘(3) INTEREST BASED ON PECUNIARY FACTORS.— 
‘‘(A) IN GENERAL.—For purposes of paragraph 
(1), a fiduciary shall be considered to act solely in the 
interest of the participants and beneficiaries of the 
plan with respect to an investment or investment 
course of action only if the fiduciary’s action with re-
spect to such investment or investment course of ac-
tion is based solely on pecuniary factors (except as 
provided in subparagraph (B)). The fiduciary may 
not subordinate the interests of the participants and 
beneficiaries in their retirement income or financial 
benefits under the plan to other objectives and may 
not sacrifice investment return or take on additional 
investment risk to promote non-pecuniary benefits or 
goals. The weight given to any pecuniary factor by a 
fiduciary shall reflect a prudent assessment of the im-
pact of such factor on risk and return. 
‘‘(B) USE OF NON-PECUNIARY FACTORS FOR IN-
VESTMENT
ALTERNATIVES.—Notwithstanding para-
graph (A), if a fiduciary is unable to distinguish be-
tween or among investment alternatives or investment 
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