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![handle is hein.congrecreports/crptxafrl0001 and id is 1 raw text is: AUTHENTICATED
U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-224
PROVIDING COMPLETE INFORMATION TO RETIREMENT
INVESTORS ACT
SEPTEMBER 26, 2023.-Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
Ms. Foxx, from the Committee on Education and the Workforce,
submitted the following
R E P O R T
together with
MINORITY VIEWS
[To accompany H.R. 5340]
[Including cost estimate of the Congressional Budget Office]
The Committee on Education and the Workforce, to whom was
referred the bill (H.R. 5340) to amend the Employee Retirement In-
come Security Act of 1974 to ensure that pension plans provide no-
tice to participants and beneficiaries on risks associated with cer-
tain investments, and for other purposes, having considered the
same, reports favorably thereon with an amendment and rec-
ommends that the bill as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Providing Complete Information to Retirement In-
vestors Act.
SEC. 2. BROKERAGE WINDOW DISCLOSURES.
(a) IN GENERAL.-Section 404(c) of the Employee Retirement Income Security Act
of 1974 (29 U.S.C. 1104(c)) is amended by adding at the end the following new para-
graph:
(7) NOTICE REQUIREMENTS FOR BROKERAGE WINDOWS.-
(A) IN GENERAL.-In the case of a pension plan which provides for indi-
vidual accounts and which provides a participant or beneficiary the oppor-
tunity to choose from designated investment alternatives, a participant or
beneficiary shall not be treated as exercising control over assets in the ac-
count of the participant or beneficiary unless, with respect to any invest-
ment arrangement that is not a designated investment alternative, each
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