Summary
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.
Legislative Journey
Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
SenateMotion to reconsider laid on the table Agreed to without objection.
HouseOn passage Passed by the Yeas and Nays: 213 - 205 (Roll no. 31).
HousePassed/agreed to in House: On passage Passed by the Yeas and Nays: 213 - 205 (Roll no. 31).
On motion to recommit Failed by the Yeas and Nays: 206 - 210 (Roll no. 30).
HouseThe previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
HouseMs. Kaptur moved to recommit to the Committee on Education and Workforce. (text: CR H905)
HouseThe previous question was ordered on the amendment and the bill pursuant to the rule.
HouseDEBATE - Pursuant to the provisions of H. Res. 988, the House proceeded with 10 minutes of debate on the Huizenga amendment No. 1.
HouseDEBATE - The House proceeded with one hour of debate on H.R. 2988.
HouseRule 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.
HouseConsidered under the provisions of rule H. Res. 988. (consideration: CR H897-907; text of amendment in the nature of a substitute: CR H897-899)
HouseRules 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.
HousePlaced on the Union Calendar, Calendar No. 367.
HouseReported (Amended) by the Committee on Education and Workforce. H. Rept. 119-421.
HouseReported (Amended) by the Committee on Education and Workforce. H. Rept. 119-421.
Ordered to be Reported (Amended) by the Yeas and Nays: 21 - 15.
HouseCommittee Consideration and Mark-up Session Held
HouseReferred to the House Committee on Education and Workforce.
HouseIntroduced in House
Introduced in House