Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Providing Complete In-
formation to Retirement Investors Act’’. 
SEC. 2. 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-
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, 
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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 
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: 
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‘‘(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.’’. 
(c) EFFECTIVE DATE.—The amendment made by sub-
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 Secu-
rity Act of 1974 to ensure that pension plans 
provide notice to participants and beneficiaries 
on risks associated with certain investments, and 
for other purposes. 
SEPTEMBER 26, 2023 
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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