Providing Complete Information to Retirement Investors Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 3083 Introduced in Senate (IS)]

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119th CONGRESS
  1st Session
                                S. 3083

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.


_______________________________________________________________________


                   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.
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