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H.R. 2988 House Labor and Employment

Increase Retirement Earnings Act

Introduced
Apr 24, 2025
Sponsor
Rep. Allen, Rick W. (R-GA-12)
View on Congress.gov

STAGE 4 OF 8 — HOUSE FLOOR

Currently in the House. Last action: received in the senate and read twice and referred to the committee on health, education, labor, and pensions on Jan 26, 2026.

  1. House Introduced in House Apr 24, 2025
  2. House Referred to the House Committee on Education and Workforce. Apr 24, 2025
  3. House Committee Consideration and Mark-up Session Held Jun 25, 2025
  4. House Ordered to be Reported (Amended) by the Yeas and Nays: 21 - 15. Jun 25, 2025
  5. House Reported (Amended) by the Committee on Education and Workforce. H. Rept. 119-421. Dec 30, 2025
  6. House Placed on the Union Calendar, Calendar No. 367. Dec 30, 2025
  7. House 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. Jan 12, 2026
  8. House 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
  9. 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. Jan 15, 2026
  10. House DEBATE - The House proceeded with one hour of debate on H.R. 2988. Jan 15, 2026
  11. House 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
  12. House The previous question was ordered on the amendment and the bill pursuant to the rule. Jan 15, 2026
  13. House Ms. Kaptur moved to recommit to the Committee on Education and Workforce. (text: CR H905) Jan 15, 2026
  14. House The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX. Jan 15, 2026
  15. House On motion to recommit Failed by the Yeas and Nays: 206 - 210 (Roll no. 30). Jan 15, 2026
  16. House Passed/agreed to in House: On passage Passed by the Yeas and Nays: 213 - 205 (Roll no. 31). Jan 15, 2026
  17. House On passage Passed by the Yeas and Nays: 213 - 205 (Roll no. 31). Jan 15, 2026
  18. House Motion to reconsider laid on the table Agreed to without objection. Jan 15, 2026
  19. House
    On Motion to Recommit Jan 15, 2026
    Defeated Yea 206 Nay 210 Roll Call
  20. House
    On Passage Jan 15, 2026
    Agreed Yea 213 Nay 205 Roll Call
  21. Senate Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Jan 26, 2026

Subjects

Business ethicsEmployee benefits and pensionsFinancial services and investments

Committees

  • Health, Education, Labor, and Pensions Committee
    • Referred To , Jan 26, 2026
  • Education and Workforce Committee
    • Unknown , Jan 15, 2026
    • Unknown , Jan 15, 2026
    • Reported By , Dec 30, 2025
    • Markup By , Jun 25, 2025
    • Referred To , Apr 24, 2025

Summary

Protecting Prudent Investment of Retirement Savings ActThis 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.

Summary as of: Reported to House

Bill Text

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