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This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to set clearer rules for how retirement plan managers handle shareholder voting rights, such as proxy votes on shares of stock held in pension and retirement plans. It requires fiduciaries who oversee these plans to act solely in the financial interest of plan participants and beneficiaries when deciding whether and how to vote, explicitly barring them from pursuing social, political, or other non-financial goals that could come at the expense of retirement savings. The bill also requires fiduciaries to weigh costs, evaluate relevant facts before voting, keep records of voting activity, and closely monitor any outside investment managers or proxy advisory firms they rely on. It allows fiduciaries to adopt formal voting policies, including a safe harbor option letting them skip votes on matters unrelated to a company's core business or where the plan's stake in a company is small, unless the issue could significantly affect investment value. This measure would primarily affect retirement plan sponsors, fiduciaries, and the millions of American workers whose pensions and 401(k)-style plans hold stock, and the changes would take effect for shareholder actions occurring on or after January 1, 2024.

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