H.R. 2988 Passed the House Labor and Employment

Protecting Prudent Investment of Retirement Savings Act

To amend the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors, and for other purposes.

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Became law
Sponsor Rep. Allen, Rick W. [R-GA-12] Introduced April 24, 2025 Cosponsors 0 Latest action January 26, 2026

Summary

Protecting Prudent Investment of Retirement Savings Act
This bill modifies the requirements for fiduciaries of employer-sponsored retirement plans.
First, the bill generally requires a plan fiduciary to make investment decisions based solely on pecuniary factors (i.e., factors that a fiduciary prudently determines are expected to have a material effect on the risk or return of an investment based on appropriate investment horizons consistent with the plan's policies and objectives).
The bill allows nonpecuniary factors to be considered in certain situations, such as when selecting investment options for certain participant-directed retirement plans or if the fiduciary is unable to distinguish between investment alternatives on the basis of pecuniary factors alone.
The bill also prohibits a plan fiduciary from discriminating when selecting, monitoring, and retaining any fiduciary, counsel, employee, or service provider of the plan.
The bill requires a plan fiduciary to act solely and prudently in accordance with the interests of the plan's participants and beneficiaries when exercising a shareholder right (e.g., voting of proxies). However, the fiduciary duty to manage shareholder rights does not require the voting of every proxy or the exercise of every shareholder right.
Finally, the bill requires a plan fiduciary to provide specified notices with respect to a pension plan that provides a participant or beneficiary the opportunity to select from designated investment alternatives.

Summary by the Congressional Research Service, Library of Congress.

Congress.gov

Roll-call votes

Actions

  1. Jan 26, 2026 Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
  2. Jan 15, 2026 Motion to reconsider laid on the table Agreed to without objection.
  3. Jan 15, 2026 On passage Passed by the Yeas and Nays: 213 - 205 (Roll no. 31).
  4. Jan 15, 2026 Passed/agreed to in House: On passage Passed by the Yeas and Nays: 213 - 205 (Roll no. 31).
  5. Jan 15, 2026 On motion to recommit Failed by the Yeas and Nays: 206 - 210 (Roll no. 30).
  6. Jan 15, 2026 The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
  7. Jan 15, 2026 Ms. Kaptur moved to recommit to the Committee on Education and Workforce. (text: CR H905)
  8. Jan 15, 2026 The previous question was ordered on the amendment and the bill pursuant to the rule.
  9. Jan 15, 2026 DEBATE - Pursuant to the provisions of H. Res. 988, the House proceeded with 10 minutes of debate on the Huizenga amendment No. 1.
  10. Jan 15, 2026 DEBATE - The House proceeded with one hour of debate on H.R. 2988.
  11. Jan 15, 2026 Rule provides for consideration of H.R. 2988, H.R. 2262, H.R. 2270, H.R. 2312 and H.R. 4366. The resolution provides for consideration of H.R. 2988 under a structured rule, and H.R. 2262, H.R. 2270, H.R. 2312, and H.R. 4366 under a closed rule. The rule provides for one hour of general debate and one motion to recommit on each bill.
  12. Jan 15, 2026 Considered under the provisions of rule H. Res. 988. (consideration: CR H897-907; text of amendment in the nature of a substitute: CR H897-899)

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