H.R. 2988Protecting Prudent Investment of Retirement Savings Act

3 recorded actionsWhat the measure does Read on Congress.gov

Sponsor: Rick W. Allen [R-GA-12]
Policy area: Labor and Employment
Committees: Education and Workforce Committee, Health, Education, Labor, and Pensions Committee
Latest action: Jan 26, 2026 · Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

IntroducedApr 24, 2025
Passed the HouseJan 15, 2026
Passed the SenateNot yet reached
Sent to the PresidentNot yet reached
Became lawNot yet reached

What the measure doesCRS summary

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.

Written by the nonpartisan Congressional Research Service, describing H.R. 2988 as reported to House on Dec 30, 2025. It is not the text of the measure; a later amendment may have changed what it does.

Roll calls on H.R. 29883 roll calls on this measure

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Jan 15, 2026Each bar: ✓ Yea from the bottom, ✕ Nay aboveJan 15, 2026

How every member votedHouse roll call 31

House Jan 15, 2026 · the primary vote

On Passage

Protecting Prudent Investment of Retirement Savings Act

Passed

213 Yea 205 Nay 13 not voting

Party-line vote 3 of 418 voting members broke with their own party: 3 Democrats.

Open the official roll call

How the chamber split

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DemocratsIndependentsRepublicansFilled: YeaRing: NayGrey: not voting or present

By party select a segment to filter

All members431 members

Democratic213 members

Independent1 member

Republican217 members

marks half of the votes cast. A party’s majority is the side most of its voting members took.

Loading the public record

Who lobbied on H.R. 298814 organizations

Organizations that named H.R. 2988 in a lobbying disclosure. Only those that cited the bill by number appear, so this is a floor, not a full list.

AMERICAN COUNCIL OF LIFE INSURERSIts PAC: American Council of Life Insurers PAC

Consumer Issues/Safety/Products · Financial Institutions/Investments/Securities · Insurance · Retirement +2 more7 filings · 3rd Quarter (July 1 - Sep 30) 2026Filing

INSURED RETIREMENT INSTITUTEIts PAC: Insured Retirement Institute PAC

Insurance · Retirement · Taxation/Internal Revenue Code · Financial Institutions/Investments/Securities6 filings · 3rd Quarter (July 1 - Sep 30) 2026Filing

PRINCIPAL FINANCIAL GROUP

Taxation/Internal Revenue Code · Financial Institutions/Investments/Securities · Insurance · Retirement +2 more6 filings · 3rd Quarter (July 1 - Sep 30) 2026Filing

PACIFIC LIFE INSURANCE COMPANYIts PAC: Pacific Life Insurance Co. PAC

Taxation/Internal Revenue Code · Insurance · Retirement · Consumer Issues/Safety/Products +2 more5 filings · 2nd Quarter (Apr 1 - June 30) 2026Filing

AMERICAN ASSOCIATION FOR JUSTICEIts PAC: American Association for Justice PAC

Medicare/Medicaid · Consumer Issues/Safety/Products · Financial Institutions/Investments/Securities · Government Issues +12 more4 filings · 3rd Quarter (July 1 - Sep 30) 2026Filing

INVESTMENT COMPANY INSTITUTEIts PAC: Investment Co. Institute PAC

Financial Institutions/Investments/Securities · Retirement · Taxation/Internal Revenue Code · Budget/Appropriations4 filings · 1st Quarter (Jan 1 - Mar 31) 2026Filing

AFL-CIO

Financial Institutions/Investments/Securities · Health Issues · Labor Issues/Antitrust/Workplace · Government Issues +11 more3 filings · 1st Quarter (Jan 1 - Mar 31) 2026Filing

AMERICANS FOR FINANCIAL REFORM

Government Issues · Housing · Labor Issues/Antitrust/Workplace · Banking +5 more3 filings · 1st Quarter (Jan 1 - Mar 31) 2026Filing

CERES, INC.

Energy/Nuclear · Financial Institutions/Investments/Securities · Taxation/Internal Revenue Code · Transportation3 filings · 4th Quarter (Oct 1 - Dec 31) 2025Filing

INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERSIts PAC: International Brotherhood of Electrical Workers PAC

Labor Issues/Antitrust/Workplace · Health Issues · Railroads · Taxation/Internal Revenue Code +11 more3 filings · 1st Quarter (Jan 1 - Mar 31) 2026Filing

51 disclosures name this measure. Retrieved from LDA.gov on 2026-10-25. Senate Office of Public Records cannot vouch for the data or analyses derived from these data after the data have been retrieved from LDA.gov.