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Providing Complete Information to Retirement Investors Act
To amend the Employee Retirement Income Security Act of 1974 to ensure that pension plans provide notice to participants and beneficiaries on risks associated with certain investments, and for other purposes.
Summary
This bill amends the Employee Retirement Income Security Act to require pension plans that offer brokerage windows to provide participants with disclosure notices before they invest in non-designated investment alternatives. The required notice must include four elements: information that designated alternatives are prudently selected and monitored by plan fiduciaries, information that non-designated investments are not monitored by a fiduciary, a warning that non-designated investments may result in diminished returns and higher fees, and a hypothetical illustration showing projected retirement balances at age 67 for annual returns of 4 percent, 6 percent, and 8 percent. Participants must acknowledge receipt of this notice each time before directing an investment through a brokerage window. The bill takes effect January 1, 2026.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Banks, Jim [R-IN] (R-IN)
1 cosponsor
- Sen. Cassidy, Bill [R-LA] (R-LA)
Actions (2)
- Oct 30, 2025 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. · senate
- Oct 30, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
October 30, 2025
Mr. Banks (for himself and Mr. Cassidy) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions
A BILL
To amend the Employee Retirement Income Security Act of 1974 to ensure that pension plans provide notice to participants and beneficiaries on risks associated with certain investments, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Providing Complete Information to Retirement Investors Act”.
SEC. 2. BROKERAGE WINDOW DISCLOSURES.
(a) In General.—Section 404(c) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1104(c)) is amended by adding at the end the following new paragraph:
“(7) Notice requirements for brokerage windows.—
“(A) In general.—In the case of a pension plan which provides for individual accounts and which provides a participant or beneficiary the opportunity to choose from designated investment alternatives, a participant or beneficiary shall not be treated as exercising control over assets in the account of the participant or beneficiary unless, with respect to any investment arrangement that is not a designated investment alternative, each time before such a participant or beneficiary directs an investment into, out of, or within such investment arrangement, such participant is notified of, and acknowledges, each element of the notice described under paragraph (B).
“(B) Notice.—The notice described under this paragraph is a 4-part information that is substantially similar to the following information:
“1. Your retirement plan offers designated investment alternatives prudently selected and monitored by fiduciaries for the purpose of enabling you to construct an appropriate retirement savings portfolio. In selecting and monitoring designated investment alternatives, your plan’s fiduciary considers the risk of loss and the opportunity for gain (or other return) compared with reasonably available investment alternatives. 2. The investments available through this investment arrangement are not designated investment alternatives, and have not been prudently selected and are not monitored by a plan fiduciary. 3. Depending on the investments you select through this investment arrangement, you may experience diminished returns, higher fees, and higher risk than if you select from the plan’s designated investment alternatives. 4. The following is a hypothetical illustration of the impact of return at 4 percent, 6 percent, and 8 percent on your account balance projected to age 67.
“(C) Illustration.—The notice described under paragraph (B) shall also include a graph displaying the projected retirement balances of such participant or beneficiary at age 67 if the account of such individual were to achieve an annual return equal to each of the following:
“(i) 4 percent.
“(ii) 6 percent.
“(iii) 8 percent.”.
(b) Designated Investment Alternative Defined.—Section 3 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002) is amended by adding at the end the following new paragraph:
“(46) Designated investment alternative.—
“(A) In general.—The term ‘designated investment alternative’ means any investment alternative designated by a responsible fiduciary of an individual account plan described in subsection 404(c) into which participants and beneficiaries may direct the investment of assets held in, or contributed to, their individual accounts.
“(B) Exception.—The term ‘designated investment alternative’ does not include brokerage windows, self- directed brokerage accounts, or similar plan arrangements that enable participants and beneficiaries to select investments beyond those designated by a responsible plan fiduciary.”.
(c) Effective Date.—The amendment made by subsection (a) shall take effect on January 1, 2026. <all>
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