H.R. 2988 · 119th Congress

Protecting Prudent Investment of Retirement Savings Act

Introduced on Apr 24, 2025 by Rick W. Allen (R-GA-12). Latest action (Jan 26, 2026): Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Stage
Passed one chamber
Introduced
Apr 24, 2025
Cosponsors
0
Policy area
Labor and Employment
Open in the Congress explorerCongress.govAlert me

Progress

The furthest stage the measure reached. Simple and concurrent resolutions do not go to the President.

  1. Introduced
  2. Reported by committee
  3. Passed one chamber
  4. 4Passed both chambers
  5. 5Sent to the President
  6. 6Became law

Official title

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.

Subjects

  • Business ethics
  • Employee benefits and pensions
  • Financial services and investments

Summary

By the Congressional Research Service (Reported to House, Dec 30, 2025). Public domain.

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.

Sponsor and cosponsors

Cosponsors by party as of the day they signed on. Original cosponsors signed on the day of introduction.

Rick W. AllenR-GA-12Sponsor

No cosponsors.

Roll calls

Recorded votes on the measure. Most measures move by voice vote or unanimous consent, which record no individual positions.

  1. On Agreeing to the Amendment
    Jan 15, 2026· House· Amendments· Agreed to 395–22
  2. On Motion to Recommit
    Jan 15, 2026· House· Procedural· Failed 206–210
  3. On Passage
    Jan 15, 2026· House· Passage· Passed 213–205

History

Every action as published, oldest first. Roll calls link to how each member voted.

  1. Apr 24, 2025Introduced in House
  2. Apr 24, 2025Introduced in House
  3. Apr 24, 2025 · HouseReferred to the House Committee on Education and Workforce.
  4. Jun 25, 2025 · HouseCommittee Consideration and Mark-up Session Held
  5. Jun 25, 2025 · HouseOrdered to be Reported (Amended) by the Yeas and Nays: 21 - 15.
  6. Dec 30, 2025Reported (Amended) by the Committee on Education and Workforce. H. Rept. 119-421.
  7. Dec 30, 2025 · HouseReported (Amended) by the Committee on Education and Workforce. H. Rept. 119-421.
  8. Dec 30, 2025 · HousePlaced on the Union Calendar, Calendar No. 367.
  9. Jan 12, 2026 · 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.
  10. Jan 15, 2026 · 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)
  11. Jan 15, 2026 · 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.
  12. Jan 15, 2026 · HouseDEBATE - The House proceeded with one hour of debate on H.R. 2988.
  13. Jan 15, 2026 · HouseDEBATE - Pursuant to the provisions of H. Res. 988, the House proceeded with 10 minutes of debate on the Huizenga amendment No. 1.
  14. Jan 15, 2026 · HouseThe previous question was ordered on the amendment and the bill pursuant to the rule.
  15. Jan 15, 2026 · HouseMs. Kaptur moved to recommit to the Committee on Education and Workforce. (text: CR H905)
  16. Jan 15, 2026 · HouseThe previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
  17. Jan 15, 2026 · HouseOn motion to recommit Failed by the Yeas and Nays: 206 - 210 (Roll no. 30).House · Roll call 30
  18. Jan 15, 2026Passed/agreed to in House: On passage Passed by the Yeas and Nays: 213 - 205 (Roll no. 31).House · Roll call 31
  19. Jan 15, 2026 · HouseOn passage Passed by the Yeas and Nays: 213 - 205 (Roll no. 31).House · Roll call 31
  20. Jan 15, 2026 · HouseMotion to reconsider laid on the table Agreed to without objection.
  21. Jan 26, 2026 · SenateReceived in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Committees

Committees and subcommittees the measure was referred to.

Agencies in its committees' jurisdiction

Analisa's mapping of committee jurisdiction to federal agencies; the bill may touch others, or none of these.

Who lobbied on it

Organizations whose lobbying reports (LD-2) name this measure. Spending is what they reported for those quarters on all issues, not on this measure alone.

  1. INSURED RETIREMENT INSTITUTE5 reports
    $940K reported (all issues)
  2. PACIFIC LIFE INSURANCE COMPANY5 reports
    $2M reported (all issues)
  3. Principal Financial Group5 reports
    $2.8M reported (all issues)
  4. INVESTMENT COMPANY INSTITUTE4 reports
    $4.9M reported (all issues)
  5. AFL-CIO3 reports
    $2.8M reported (all issues)Federal contractor: AFL-CIO WORKING FOR AMERICA INSTITUTE, INC. (THE)AI match · 92%
  6. American Association for Justice3 reports
    $5.1M reported (all issues)
  7. INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS3 reports
    $471.6K reported (all issues)
  8. AARP2 reports
    $9.1M reported (all issues)
  9. AMERIPRISE FINANCIAL INC.2 reports
    $550K reported (all issues)
  10. Americans for Financial Reform2 reports
    $270K reported (all issues)
  11. Ceres, Inc.2 reports
    $170K reported (all issues)
  12. National Taxpayers Union1 report
    $30K reported (all issues)
  13. Signatory Wall and Ceiling Contractors Alliance1 report
    $40K reported (all issues)
  14. United Automobile, Aerospace & Agricultural Implement Workers1 report
    $220K reported (all issues)

Reports filed in 2025, 2026.

Sources and method

Every figure on this page traces to these records.

  • Bill status: bills and resolutions, sponsors, actions, subjects and CRS summaries (U.S. Government Publishing Office (GovInfo), from Congress.gov (Library of Congress))GovInfo Bill Status bulk data (Congress.gov; summaries by the Congressional Research Service) · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Members of Congress, their terms, committees and identifiers (The @unitedstates project (from the Biographical Directory of the U.S. Congress, the House and the Senate))unitedstates/congress-legislators: legislators, committees and current committee membership · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: CC0 1.0 (public domain dedication)
  • House roll-call votes (Office of the Clerk, U.S. House of Representatives)Office of the Clerk, U.S. House of Representatives, roll-call vote records · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Senate roll-call votes and DW-NOMINATE scores (Voteview (UCLA Department of Political Science))Lewis, Jeffrey B., Keith Poole, Howard Rosenthal, Adam Boche, Aaron Rudkin, and Luke Sonnet (2026). Voteview: Congressional Roll-Call Votes Database. https://voteview.com/ · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: Free to use with the required citation
  • Lobbying disclosures (LD-1 registrations, LD-2 quarterly reports, LD-203 contribution reports) (Clerk of the U.S. House of Representatives)Clerk of the House, Lobbying Disclosure Act filings (organizations only; lobbyists' names are not loaded) · data current to Oct 6, 2026 · loaded Oct 6, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Positions are shown only where a roll call recorded them; voice votes and unanimous consent record none.
  • Money and votes are shown side by side; neither explains the other.