H.R. 2988 · 119TH CONGRESSSenate · Jan 26, 2026

Protecting Prudent Investment of Retirement Savings Act

Introduced

HousePassed

Senate

Resolving Differences

President

Became Law

Description

This bill would require retirement plan fiduciaries to prioritize financial factors over non-financial goals when making investments.

Bill text replaced

This bill's text was replaced via an amendment in the nature of a substitute. Some metadata (subjects, policy area, committees) may reflect the original bill and not the current text.

Summary

AI summary based on the official CRS summary on Congress.gov.

What it does

This bill would require fiduciaries of employer-sponsored retirement plans to make investment decisions based solely on pecuniary factors that materially affect risk and return. It proposes to limit the use of nonpecuniary factors to specific situations, such as when a fiduciary cannot distinguish between investment options based on financial factors alone. Additionally, the bill would prohibit discrimination in the selection of plan service providers and establish guidelines for the prudent exercise of shareholder rights, such as proxy voting.

Who is affected

This bill affects fiduciaries of employer-sponsored retirement plans, who must adhere to new requirements regarding investment decisions and the exercise of shareholder rights. It also impacts plan participants and beneficiaries, as fiduciaries are required to prioritize their interests and provide specific notices regarding designated investment alternatives. Additionally, the legislation applies to plan service providers, counsel, and employees by prohibiting discrimination in their selection, monitoring, and retention.

Key provisions

Requirement for pecuniary-based investment decisions. Plan fiduciaries must generally base investment decisions solely on factors expected to have a material effect on the risk or return of an investment. Nonpecuniary factors may only be considered in specific circumstances, such as when fiduciaries cannot distinguish between alternatives based on pecuniary factors alone.
Nondiscrimination in service provider selection. The bill prohibits fiduciaries from practicing discrimination when selecting, monitoring, or retaining plan counsel, employees, or other service providers.
Standards for exercising shareholder rights. Fiduciaries must act prudently and in the interest of plan participants when voting proxies or exercising other shareholder rights. The bill clarifies that this duty does not mandate the voting of every proxy or the exercise of every available right.
Enhanced notice requirements for participant-directed plans. Fiduciaries are required to provide specific notices regarding pension plans that allow participants or beneficiaries to choose from designated investment alternatives.

Fiscal impact

H.R. 2988, Protecting Prudent Investment of Retirement Savings Act
Sep 29, 2025 · As ordered reported by the House Committee on Education and Workforce on June 25, 2025

Effective dates

Not applicable: Official Summary does not address effective dates

Relationship to existing law

This bill modifies existing legal requirements for fiduciaries of employer-sponsored retirement plans by establishing new standards for how they must evaluate investment factors and exercise shareholder rights. It further amends the duties of plan fiduciaries regarding the selection of service providers and the notification requirements for pension plans that offer participant-directed investment alternatives.

Stated purpose

The bill aims to ensure that fiduciaries of employer-sponsored retirement plans prioritize financial outcomes by requiring investment decisions to be based primarily on pecuniary factors. It also establishes standards for the non-discriminatory selection of plan service providers and clarifies fiduciary duties regarding the exercise of shareholder rights and participant notifications.

Lifecycle of the Bill

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)

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.

Jan 15, 2026

DEBATE - The House proceeded with one hour of debate on H.R. 2988.

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.

Jan 15, 2026

The previous question was ordered on the amendment and the bill pursuant to the rule.

Jan 15, 2026

Ms. Kaptur moved to recommit to the Committee on Education and Workforce. (text: CR H905)

Jan 15, 2026

The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.

Jan 15, 2026

On motion to recommit Failed by the Yeas and Nays: 206 - 210 (Roll no. 30).

Jan 15, 2026

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 213 - 205 (Roll no. 31).

Jan 15, 2026

On passage Passed by the Yeas and Nays: 213 - 205 (Roll no. 31).

Jan 15, 2026

Motion to reconsider laid on the table Agreed to without objection.

Jan 15, 2026

HousePassed

On Passage

213 Yes

205 No

VotePassageHouse

The House passed the Protecting Prudent Investment of Retirement Savings Act on a party-line vote, sending the measure to the Senate.

Analysis

The House passed the Protecting Prudent Investment of Retirement Savings Act following floor debate and the consideration of an amendment. The measure was approved on a party-line vote and now moves to the Senate for further consideration. This final passage vote occurred after the House ordered the previous question on the bill and its amendments pursuant to the established rule for debate.

Implications

The passage of H.R. 2988 on a party-line vote concludes House consideration of the measure. The bill has now advanced to the Senate, where it is currently in committee for further review.

AI-generated summary

Jan 15, 2026

HouseFailed

On Motion to Recommit

206 Yes

210 No

VoteRecommitHouse

The House rejected a motion to recommit H.R. 2988 on a party-line vote, a procedural step before the bill's eventual move to the Senate.

Analysis

The House rejected a motion to recommit the Protecting Prudent Investment of Retirement Savings Act on a party-line vote. This procedural step occurred following floor debate and the ordering of the previous question on the underlying bill. The motion represented a final opportunity to return the legislation to committee before the chamber moved toward a decision on passage.

Implications

The motion to recommit failed on a party-line vote, preventing the bill from being sent back to committee with instructions to amend. Following the rejection of this procedural motion, the House remains at the stage of considering H.R. 2988 for final passage. Further procedural steps on the underlying bill proceed independently of this failed motion.

AI-generated summary

Jan 15, 2026

HouseAgreed To

On Agreeing to the Amendment

395 Yes

22 No

VoteAmendmentHouseBipartisan

The House adopted an amendment to H.R. 2988 with broad coalition support; further action on the bill proceeds independently of this vote.

Analysis

The House adopted an amendment to the Protecting Prudent Investment of Retirement Savings Act following floor debate conducted under a structured rule. The amendment was agreed to by a broad coalition of members from both parties. Further procedural steps on the underlying bill proceed independently of this amendment vote.

Implications

The amendment was adopted with a broad coalition of support. While this vote incorporates the amendment into the text of H.R. 2988, further procedural steps on the underlying bill proceed independently of this specific amendment vote.

AI-generated summary

H.Amdt.151Agreed To

Substitute amendment

Jan 15, 2026

H.Amdt.152Agreed To

Amendment requires the Government Accountability Office to publish a study on brokerage accounts.

Huizenga, Bill·Jan 15, 2026

Summary

What it does

Who is affected

Key provisions

Fiscal impact

Effective dates

Relationship to existing law

Stated purpose

Summary

Lifecycle of the Bill

Analysis

Implications

Analysis

Implications

Analysis

Implications

Lifecycle of the BillSenate · Jan 26, 2026

Bill Information

Sponsors & Co-sponsors

Policy Area

Legislative Subjects (3)

Related Legislation (3)

Committees (2)

CBO Cost Estimate

External Links

Analysis

Implications

Analysis

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Analysis

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