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.
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Oct 18, 2022)
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.
What just happenedOct 18, 2022
Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Who’s behind it
- Introduced in HouseOct 18, 2022
- Oct 18, 2022IntroReferralH11100
Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Ways and Means Committee - Oct 18, 2022IntroReferralH11100
Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Education and the Workforce Committee - Oct 18, 2022IntroReferralIntro-H
Introduced in House
- Oct 18, 2022IntroReferral1000
Introduced in House