# H.R. 2988 (119th): Protecting Prudent Investment of Retirement Savings Act

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.

## How this bill is scored

Tier: no Tier 1 record. A bill with no record cannot newly become Tier 1.
Lane: esg_investing. Category: not stored. Lane tag: not stored.
Lane: fiduciary_duty. Category: not stored. Lane tag: not stored.
Lane: financial_management. Category: not stored. Lane tag: not stored.
Lane: financial_regulation. Category: not stored. Lane tag: not stored.
Lane: financial_responsibility. Category: not stored. Lane tag: not stored.
Lane: financial_stewardship. Category: not stored. Lane tag: not stored.
Lane: retirement_savings. Category: not stored. Lane tag: not stored.
Lane: retirement_security. Category: not stored. Lane tag: not stored.
Lane: stewardship. Category: not stored. Lane tag: not stored.
Tier 1 sign-off: no record. A bill with no record cannot newly become Tier 1.
Stored polarity: mixed. Only tags the rules mark scoreable on a mixed bill are scored. A yea can draw a penalty or a credit according to the tag. A nay on a tag scored as good can draw a penalty.
Roll 29: On Agreeing to the Amendment. Vote type: amendment.
Roll 30: On Motion to Recommit. Vote type: recommit.
Roll 31: On Passage. Vote type: final_passage.
Polarity rationale: Reviewed enrichment (llm_import) polarity: The measure combines ordinary prudential goods, namely fiduciary prudence, loyalty to participants, and disclosure, with a disputed policy question about restricting nonpecuniary investment considerations. It does not directly advance a named moral evil or directly restrain one, so mixed is the prudent classification.
Theological note: The bill bears on stewardship and justice toward participants and beneficiaries whose retirement savings are entrusted to fiduciaries, which Scripture treats as a serious trust requiring faithful, prudent management. It also raises questions about how far law should limit fiduciaries' consideration of nonpecuniary or conscience-related concerns in investment decisions. These are issue-relevance points, not a final candidate judgment.

## Recorded votes

Roll 29: On Agreeing to the Amendment. Yea 395 · Nay 22 · Other 14.
Roll 30: On Motion to Recommit. Yea 206 · Nay 210 · Other 15.
Roll 31: On Passage. Yea 213 · Nay 205 · Other 13.

HTML: https://justmeasure.org/bill/hr-2988-119/