The Restoring Integrity in Fiduciary Duty Act would amend federal pension law to require retirement plan managers to base investment decisions primarily on financial factors like risk and return rather than non-financial considerations. The bill would prohibit fiduciaries from sacrificing investment returns or taking on extra risk to pursue environmental, social, or other non-financial objectives, though it allows limited use of such factors only when investment options are otherwise equal and when proper documentation is provided. The legislation affects retirement plan trustees and managers who oversee pensions and 401(k)-style plans for millions of American workers and retirees. The bill would take effect one year after enactment and includes no specific appropriations or budget impact language. Supporters argue this protects retirees' financial interests, while critics contend it could restrict plans from considering climate risks and other factors that may affect long-term investment performance.
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