SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Protecting Americans’ Investments from Woke Policies 
Act’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
DIVISION A—ROLL BACK ESG TO 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—ROLL BACK ESG TO 
INCREASE 
RETIREMENT 
EARNINGS 
SEC. 1001. SHORT TITLE. 
This division may be cited as the ‘‘Roll back ESG 
To Increase Retirement Earnings Act’’ or the ‘‘RETIRE 
Act’’.
SEC. 1002. LIMITATION ON CONSIDERATION OF NON-PECU-
NIARY FACTORS BY FIDUCIARIES. 
(a) IN GENERAL.—Section 404(a) of the Employee 
Retirement 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
FAC-
TORS.— 
‘‘(A) IN GENERAL.—For purposes of para-
graph (1), a fiduciary shall be considered to act 
solely in the interest of the participants and 
beneficiaries of the plan with respect to an in-
vestment or investment course of action only if 
the fiduciary’s action with respect to such in-
vestment or investment course of action is 
based only on pecuniary factors (except as pro-
vided 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 objec-
tives 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 impact 
of such factor on risk and return.
‘‘(B) USE
OF
NON-PECUNIARY
FACTORS 
FOR
INVESTMENT
ALTERNATIVES.—Notwith-
standing paragraph (A), if a fiduciary is unable 
to distinguish between or among investment al-
ternatives or investment courses of action on 
the basis of pecuniary factors alone, the fidu-
ciary may use non-pecuniary factors as the de-
ciding factor if the fiduciary documents— 
‘‘(i) why pecuniary factors were not 
sufficient to select a plan investment or in-
vestment course of action; 
‘‘(ii) how the selected investment com-
pares to the alternative investments with 
regard to the composition of the portfolio 
with regard to diversification, the liquidity 
and current return of the portfolio relative 
to the anticipated cash flow requirements 
of the plan, and the projected return of the 
portfolio relative to the funding objectives 
of the plan; and 
‘‘(iii) how the selected non-pecuniary 
factor or factors are consistent with the in-
terests of the participants and beneficiaries 
in their retirement income or financial ben-
efits under the plan.
‘‘(C) INVESTMENT
ALTERNATIVES
FOR 
PARTICIPANT-DIRECTED
INDIVIDUAL
ACCOUNT 
PLANS.—In selecting or retaining investment 
options for a pension plan described in sub-
section (c)(1)(A), a fiduciary is not prohibited 
from considering, selecting, or retaining an in-
vestment option on the basis that such invest-
ment option promotes, seeks, or supports one or 
more non-pecuniary benefits or goals, if— 
‘‘(i) the fiduciary satisfies the require-
ments of paragraph (1) and subparagraphs 
(A) and (B) of this paragraph in selecting 
or retaining any such investment option; 
and 
‘‘(ii) such investment option is not 
added or retained as, or included as a com-
ponent of, a default investment under sub-
section (c)(5) (or any other default invest-
ment alternative) if its investment objec-
tives or goals or its principal investment 
strategies include, consider, or indicate the 
use of one or more non-pecuniary factors. 
‘‘(D) DEFINITIONS.—For the purposes of 
this paragraph:
‘‘(i) The term ‘pecuniary factor’ 
means a factor that a fiduciary prudently 
determines is expected to have a material 
effect on the risk or return of an invest-
ment based on appropriate investment ho-
rizons consistent with the plan’s invest-
ment objectives and the funding policy es-
tablished pursuant to section 402(b)(1). 
‘‘(ii) The term ‘investment course of 
action’ means any series or program of in-
vestments or actions related to a fidu-
ciary’s performance of the fiduciary’s in-
vestment duties, and includes the selection 
of an investment fund as a plan invest-
ment, or in the case of an individual ac-
count plan, a designated investment alter-
native under the plan.’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall apply to actions taken by a fiduciary on 
or after the date that is 12 months after the date of enact-
ment of this Act.