Increase Retirement Earnings Act
Protecting Prudent Investment of Retirement Savings Act
Latest action (Jan 26, 2026) — Received in the Senate and Read twice and on Health, Education, Labor, and Pensions.
What it does
Congressional Research Service, Dec 30, 2025This 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.
Face Value
as passed the HouseHow much of this bill its name accounts for.
- Every bill starts at100
- Nothing counted against it: one area of law, and short enough that length doesn't register.
Face Value measures reach, not honesty. A big bill can be accurately named, and a low score is not an accusation — it means the contents reach further than any short title could describe. Count it yourself ↗ How this is worked out
What Congress did
3 recordeddecisive vote
House · Jan 15, 2026
Whether the bill passes the House. This is the vote most people mean.
On Agreeing to the Amendment
House · Jan 15, 2026
Whether to change the bill in the way this amendment proposes.
On
House · Jan 15, 2026
The minority party's last attempt to change the bill by sending it back to committee. It usually fails and is usually about forcing an awkward vote.
Who lobbied on this
5 organizationsThese organizations told Congress, in their own quarterly disclosures, that they were lobbying on this bill.
- American Council of Life Insurersno position stated
“…Department of Labors Employee Benefits Security Administration (EBSA) to report annually to Congress about its use of common interest agreements. 11.H.R.2988 Protecting Prudent Investment of Retirement Savings Act: This legislation amends ERISA to specify that a retirement plan fiduciary shall be…” filing ↗
- Ameriprise Financial Inc.no position stated
“…entire bill H.R. 2988 - Protecting Prudent Investment of Retirement Savings…” filing ↗
- International Brotherhood of Electrical Workersno position stated
“The IBEW lobbied on the Protecting Prudent Investment of Retirement Savings Act (H.R. 2988), Digital Asset Market Clarity Act of 2025 (H.R. 3633), the GENIUS Act (S. 1582), and monitored legislative proposals seeking to annuitize…” filing ↗
- Investment Company Instituteno position stated
“S 3086, Restoring Integrity in Fiduciary Duty Act HR 2869, EBSA Investigations Transparency Act HR 2958, Balance the Scales Act HR 2988, Protecting Prudent Investment of Retirement Savings Act HR 6084, ERISA Litigation Reform Act EO on Democratizing Access to Alternative Assets…” filing ↗
- Pacific Life Insurance Companyno position stated
“…reports to Congress on the status of its open employee plan audits and to explain why any audits open for more than 36 months have not been closed. H.R. 2988 Protecting Prudent Investment of Retirement Savings Act: This legislation clarifies the criteria for meeting the fiduciary duty of ERISA.…” filing ↗
Most filings say only that an organization lobbied on a bill, not which side it took — where that's the case we say so rather than guessing. Quotes are verbatim from the filing. How this is built.
Discussion
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