H.R. 2988

119th Congress

In Committee

Protecting Prudent Investment of Retirement Savings Act

Sponsored byRepublican:Rep. Allen, Rick W. [R-GA-12]GA· Introduced 24 avril 2025
Open on Congress.gov

0

Cosponsors

21

Actions

2

Amendments

2

Committees

—

Since introduced

Introduced
Committee
Passed Chamber
Passed Both
Enacted
Step 1 of 0
Latest action

Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

26 janvier 2026·5 months ago

Summary

Reported to House · Updated 12 janvier 2026

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.

Timeline

21 actions

  1. Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

    26 janvier 2026 · IntroReferral

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

    15 janvier 2026 · Floor

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

    15 janvier 2026 · Floor

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

    15 janvier 2026 · Floor

  5. DEBATE - Pursuant to the provisions of H. Res. 988, the House proceeded with 10 minutes of debate on the Huizenga amendment No. 1.

    15 janvier 2026 · Floor

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

    15 janvier 2026 · Floor

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

    15 janvier 2026 · Floor

  8. 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)

    15 janvier 2026 · Floor

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

    15 janvier 2026 · Floor

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

    15 janvier 2026 · Floor

  11. 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.

    15 janvier 2026 · Floor

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

    15 janvier 2026 · Floor

  13. 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.

    12 janvier 2026 · Floor

  14. Reported (Amended) by the Committee on Education and Workforce. H. Rept. 119-421.

    30 décembre 2025 · Committee

  15. Reported (Amended) by the Committee on Education and Workforce. H. Rept. 119-421.

    30 décembre 2025 · Committee

  16. Placed on the Union Calendar, Calendar No. 367.

    30 décembre 2025 · Calendars

  17. Ordered to be Reported (Amended) by the Yeas and Nays: 21 - 15.

    25 juin 2025 · Committee

  18. Committee Consideration and Mark-up Session Held

    25 juin 2025 · Committee

  19. Referred to the House Committee on Education and Workforce.

    24 avril 2025 · IntroReferral

  20. Introduced in House

    24 avril 2025 · IntroReferral

1 earlier actionView all on Congress.gov

Sponsorship

0 cosponsors

Sponsor

Republican:Rep. Allen, Rick W. [R-GA-12]GA

Classification

Policy area

Labor and Employment

Legislative subjects

Business ethicsEmployee benefits and pensionsFinancial services and investments

Committees

2

  • Education and Workforce Committee

    House · Standing

    • Referred To24 Apr 2025
    • Markup By25 Jun 2025
    • Reported By30 Dec 2025
    • Unknown15 Jan 2026
    • Unknown15 Jan 2026

  • Health, Education, Labor, and Pensions Committee

    Senate · Standing

    • Referred To26 Jan 2026

Reports

Amendments

2

  • HAMDT 152Agreed

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

    15 janvier 2026

  • HAMDT 151Agreed

    15 janvier 2026

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