To amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to limit fiduciary consideration of non-pecuniary factors in investment decision-making.

Summary

This bill generally requires fiduciaries of employer-sponsored retirement plans to make investment decisions based only on pecuniary factors (i.e., factors that a fiduciary prudently determines are expected to have a material effect on the risk and 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 when selecting investment options for certain participant-directed retirement plans if specified requirements are met (e.g., the investment option is not a default investment). Further, if a plan includes investment options based on nonpecuniary factors, it also must include investment options that are not based on any such factors.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 18 October 2022

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• Introduced in House (PDF)

  Introduced in House · EN · 18 October 2022

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 18 October 2022

  Open at official source

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