exercise other shareholder rights has been delegated to 
an investment manager pursuant to section 403(a), or 
a proxy voting advisory firm or other person who 
performs advisory services as to the voting of proxies 
or the exercise of other shareholder rights, a respon-
sible plan fiduciary shall prudently monitor the 
proxy voting activities of such investment manager or 
advisory firm and determine whether such activities 
are in compliance with paragraphs (1) and (2). 
‘‘(5) VOTING POLICIES.— 
‘‘(A) IN GENERAL.—In deciding whether to 
vote a proxy pursuant to this subsection, the 
plan fiduciary may adopt a proxy voting policy, 
including a safe harbor proxy voting policy de-
scribed in subparagraph (B), providing that the 
authority to vote a proxy shall be exercised pur-
suant to specific parameters designed to serve the 
economic interest of the plan. 
‘‘(B) SAFE HARBOR VOTING POLICY.—With 
respect to a decision not to vote a proxy, a fidu-
ciary shall satisfy the fiduciary responsibilities 
under this subsection if such fiduciary adopts 
and follows a safe harbor proxy voting policy 
that— 
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‘‘(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 ef-
fect 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 man-
agement, when the assets under manage-
ment invested in the issuer are below 5 per-
cent 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 eco-
nomic effect on the investment performance of a 
plan’s portfolio (or the investment performance 
of assets under management in the case of an in-
vestment manager); provided, however, that in 
all cases compliance with a safe harbor voting 
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policy shall be presumed to satisfy fiduciary re-
sponsibilities 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 sub-
section (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 Complete 
Information to Retirement Investors Act’’. 
SEC. 4002. BROKERAGE WINDOW DISCLOSURES. 
(a) IN GENERAL.—Section 404(c) of the Employee Re-
tirement Income Security Act of 1974 (29 U.S.C. 1104(c)) 
is amended by adding at the end the following new para-
graph: 
‘‘(7) NOTICE
REQUIREMENTS
FOR
BROKERAGE 
WINDOWS.— 
‘‘(A) IN GENERAL.—In the case of a pension 
plan which provides for individual accounts and 
which provides a participant or beneficiary the 
opportunity to choose from designated invest-
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ment alternatives, a participant or beneficiary 
shall not be treated as exercising control over as-
sets in the account of the participant or bene-
ficiary unless, with respect to any investment ar-
rangement that is not a designated investment 
alternative, each time before such a participant 
or beneficiary directs an investment into, out of, 
or within such investment arrangement, such 
participant is notified of, and acknowledges, 
each element of the notice described under para-
graph (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 se-
lected 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 rea-
sonably 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 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 per-
cent, 6 percent, and 8 percent on your account balance projected to age 67. 
‘‘(C) ILLUSTRATION.—The notice described 
under paragraph (B) shall also include a graph 
displaying the projected retirement balances of 
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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 paragraph: 
‘‘(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 accounts. 
‘‘(B) EXCEPTION.—The term ‘designated in-
vestment alternative’ does not include brokerage 
windows, self-directed brokerage accounts, or 
similar plan arrangements that enable partici-
pants and beneficiaries to select investments be-
yond those designated by a responsible plan fidu-
ciary.’’. 
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(c) EFFECTIVE DATE.—The amendment made by sub-
section (a) shall take effect on January 1, 2027. 
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Union Calendar No. 367 
119TH CONGRESS 
1ST SESSION 
H. R. 2988 
[Report No. 119–421] 
A BILL 
To amend the Employee Retirement Income Secu-
rity Act of 1974 to specify requirements con-
cerning the consideration of pecuniary and non- 
pecuniary factors, and for other purposes. 
DECEMBER 30, 2025 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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