H.R. 2988: Protecting Prudent Investment of Retirement Savings Act
Sponsor
Rick Allen
Republican · GA-12
What H.R. 2988 does
H.R. 2988 would change the rules for the people who manage employer-sponsored retirement plans. These plan managers would generally have to make investment decisions based only on pecuniary factors, meaning factors expected to have a material effect on an investment's risk or return. Other factors could be weighed in limited cases, such as when picking investment options for certain participant-directed plans or when pecuniary factors alone cannot separate the choices.
The bill would also bar discrimination when plans choose and keep their fiduciaries, counsel, employees and service providers, and would require plan managers to exercise shareholder rights, such as proxy votes, solely in the interests of participants and beneficiaries. They would not have to vote every proxy. Pension plans that let participants choose among investment alternatives would have to provide specified notices.
How the House voted
Passed · January 15, 20263 Democrats broke with their party to vote yes
André Carson
Henry Cuellar
Adam GrayOn Passage: H R 2988 Protecting Prudent Investment of Retirement Savings Act · Roll no. 31 · Official record
HR2988 Legislative Journey
Committee Action
Jan 26, 2026
Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
House: Passed 213-205
Jan 15, 2026
On passage Passed by the Yeas and Nays: 213 - 205 (Roll no. 31).
+10 more actions this day
House: Committee Action
Jan 12, 2026
Rules Committee Resolution H. Res. 988 Reported to House. 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.
House: Committee Action
Dec 30, 2025
Reported (Amended) by the Committee on Education and Workforce. H. Rept. 119-421.
House: Vote: 21-15
Jun 25, 2025
Ordered to be Reported (Amended) by the Yeas and Nays: 21 - 15.
House: Committee Action
Apr 24, 2025
Referred to the House Committee on Education and Workforce.
About the Sponsor
Rick Allen
Republican, Georgia's 12th congressional district · 11 years in Congress
Committees: Education and Workforce, Energy and Commerce
View full profile →
Committee Sponsors
Health, Education, Labor, and Pensions Committee
0 of 21 committee members cosponsored
No committee members have cosponsored this bill
Education and Workforce Committee
0 of 37 committee members cosponsored
No committee members have cosponsored this bill
30 Republicans across these committees haven't cosponsored yet. Mobilize their constituents
What laws does H.R. 2988 change?
4 changes
Sections Amended
Section 404(a) of Employee Retirement Income Security Act of 1974 (29 U.S.C. 1104(a))
adding at the end the following: ``(3) Interest Based on Pecuniary Factors
Section 404 of Employee Retirement Income Security Act of 1974 (29 U.S.C. 1104)
adding at the end the following new subsection: ``(f) Exercise of Shareholder Rights
Section 404(c) of Employee Retirement Income Security Act of 1974 (29 U.S.C. 1104(c))
adding at the end the following new paragraph: ``(7) Notice requirements for brokerage windows
Section 3 of such Act (29 U.S.C. 1002)
adding at the end the following new paragraph: ``(46) Designated investment alternative
H.R. 2988 Quick Facts
- Committee
- Health, Education, Labor, and Pensions
- Chamber
- House
- Policy
- Labor and Employment
- Introduced
- Apr 24, 2025
Passed the House, received in Senate
Jan 26, 2026
H.R. 2988 Bill Text
“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.”
Source: U.S. Government Publishing Office
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