Restoring Integrity in Fiduciary Duty Act

This bill changes federal retirement plan law (ERISA) to say that people managing retirement plan money may judge investments only on factors expected to affect financial risk or return. If financial factors cannot separate two or more options, the manager must choose at random among them and document why. In plans where workers pick their own investments, options chosen for non-financial goals may be offered but cannot be the default investment. The bill also requires managers to vote shareholder proxies only in the plan's economic interest, keep records of votes, and monitor any advisers who vote for them, and it allows policies under which managers skip certain votes.

Full text and official record on Congress.gov

Sponsors

• Bill Cassidy Republican sponsor
• 1 cosponsors