Jim Banks (R-IN)
Providing Complete Information to Retirement Investors Act
A Republican bill with 1 Republican cosponsor · See the cosponsor
Last activity — Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
This bill is called the Providing Complete Information to Retirement Investors Act. It amends the Employee Retirement Income Security Act of 1974. The legislation requires pension plans to ensure that participants receive notice about risks linked to certain investments. Specifically, it targets investments made through brokerage windows or self-directed accounts that are not chosen by plan fiduciaries. The rules dictate that participants must acknowledge a four-part warning notice before directing investments into these arrangements. The requirements take effect on January 1, 2026.
Yes· 3 of 10
- Scored +2
Would people in their twenties and thirties be better off under this?
Young adults starting retirement planning benefit from clearer risk warnings and return illustrations.
- Scored +2
Would people in middle age be better off under this?
Middle-aged workers receive important risk warnings regarding self-directed retirement investments.
- Scored +2
Would people over 65 be better off under this?
Seniors managing retirement accounts are provided better risk information before executing trades.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Section 2(a) requires participants to receive and acknowledge a clear notice before investing in non-designated alternatives through brokerage windows. This is positive because it warns everyday workers that these specific investments are not monitored by plan fiduciaries, and could lead to higher fees, higher risks, or diminished returns compared to standard options.
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Section 2(a) mandates that the warning notice must include a hypothetical illustration displaying projected retirement balances at age 67 based on annual returns of 4 percent, 6 percent, and 8 percent. This helps people clearly visualize the long-term impact of their investment returns on their future savings.
Potential Negative Impacts for People
- Section 2(a) requires participants to view and acknowledge a specific notice each time before they direct an investment into, out of, or within an arrangement that is not a designated investment alternative. This could be viewed as a negative burden or hassle for individuals who actively manage their own self-directed accounts and want to make frequent trades without extra administrative steps.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would people in middle age be better off under this? — Middle-aged workers receive important risk warnings regarding self-directed retirement investments. Would middle-income households be better off under this? — Middle-class individuals participating in employer-sponsored plans are better protected from uninformed high-risk investments. Would retired people be better off under this? — Retirees benefit from enhanced disclosures regarding the risks of non-fiduciary managed investment options. Would people over 65 be better off under this? — Seniors managing retirement accounts are provided better risk information before executing trades. Would people in their twenties and thirties be better off under this? — Young adults starting retirement planning benefit from clearer risk warnings and return illustrations. Would households on low incomes be better off under this? Would union members be better off under this?
- Governance And Ideology
- Does this make what the government does easier for the public to see? — The legislation increases transparency by mandating risk disclosures for brokerage window accounts. Does this give the federal government more power?
- Economy And Finance
- Does this give people more protection from unfair business practices? — The bill enhances consumer protection by requiring clear risk disclosures for self-directed retirement investments.
- 10/30/2025
- Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- 1 Cosponsor added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Bill CassidyRepublican · Louisiana