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HR 2988 119th Congress House Labor and Employment Business ethics Employee benefits and pensions Financial services and investments

Retirement Proxy Protection Act

Introduced: April 24, 2025 Introduced by: Allen, Rick W. Republican · Georgia See on congress.gov
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 Everywhere this bill has been 18 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 26, 2026
Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Jan 15, 2026
DEBATE - Pursuant to the provisions of H. Res. 988, the House proceeded with 10 minutes of debate on the Huizenga amendment No. 1.
Jan 15, 2026
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.
Jan 15, 2026
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 213 - 205 (Roll no. 31).
Jan 15, 2026
On motion to recommit Failed by the Yeas and Nays: 206 - 210 (Roll no. 30).
Jan 15, 2026
The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
Jan 15, 2026
Ms. Kaptur moved to recommit to the Committee on Education and Workforce. (text: CR H905)
Jan 15, 2026
The previous question was ordered on the amendment and the bill pursuant to the rule.
Jan 15, 2026
DEBATE - The House proceeded with one hour of debate on H.R. 2988.
Jan 15, 2026
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)
Jan 15, 2026
Motion to reconsider laid on the table Agreed to without objection.
Jan 12, 2026
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.
Dec 30, 2025
Reported (Amended) by the Committee on Education and Workforce. H. Rept. 119-421.
Dec 30, 2025
Placed on the Union Calendar, Calendar No. 367.
Jun 25, 2025
Ordered to be Reported (Amended) by the Yeas and Nays: 21 - 15.
Jun 25, 2025
Committee Consideration and Mark-up Session Held
Apr 24, 2025
Referred to the House Committee on Education and Workforce.
Apr 24, 2025
Introduced in House
 Votes taken on this bill 3
DateChamberWhat was voted onResultYes–No
Jan 15, 2026 House · vote #31 On Passage Passed 213–205 See who voted →
Jan 15, 2026 House · vote #30 On Motion to Recommit Failed 206–210 See who voted →
Jan 15, 2026 House · vote #29 On Agreeing to the Amendment Agreed To 395–22 See who voted →
 Amendments to this bill 2

2 agreed to

AmendmentSponsorPurposeStatusLatest action
HAMDT 152 Huizenga, Bill Amendment requires the Government Accountability Office to publish a study on brokerage accounts. Agreed to Jan 15, 2026
HAMDT 151 — Pursuant to the provisions of H. Res. 988, the amendment in the nature of a substitute recommended by the Com… Agreed to Jan 15, 2026
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 Plain-English summary Congressional Research Service

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.

What's happening now January 26, 2026

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

 Hearings & markups 2
 Related & companion bills 3
  • S 3083 Related bill Providing Complete Information to Retirement Investors Act
  • HRES 988 Related bill Providing for consideration of the bill (H.R. 2988) to amend the Employee Retirement Income Security Act of 1974 to spe…
  • HR 1996 Related bill Retirement Proxy Protection Act
 Bill text 4 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Lobbying activity 40

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

See all 40 filings →
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 2988: Protecting Prudent Investment of Retirement Savings Act. 119th Congress. Open America. https://openamerica.io/bill/119-HR-2988/
MLA
"H.R. 2988: Protecting Prudent Investment of Retirement Savings Act." 119th Congress, 2026, Open America, https://openamerica.io/bill/119-HR-2988/.
Bluebook (legal)
H.R. 2988, 119th Cong. (2026), https://openamerica.io/bill/119-HR-2988/.
Markdown link
[H.R. 2988: Protecting Prudent Investment of Retirement Savings Act](https://openamerica.io/bill/119-HR-2988/)
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