To amend the Employee Retirement Income Security Act of 1974 to establish that fiduciaries must act with prudence and loyalty when selecting service providers for pension plans.
This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to require that pension plan fiduciaries select, monitor, and retain fiduciaries, counsel, employees, and service providers based solely on merit, without regard to race, color, religion, sex, or national origin. It reinforces existing fiduciary duties of prudence and loyalty by explicitly prohibiting discriminatory criteria in these decisions. The bill primarily affects employers and administrators who manage private-sector pension and retirement benefit plans, as well as the fiduciaries responsible for overseeing them. It does not establish new funding programs or appropriations, as it is a regulatory amendment rather than a spending bill. The legislation was introduced in September 2023 and has been reported out of the House Committee on Education and the Workforce with an amendment, moving it forward for potential consideration by the full House.
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