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This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to require that fiduciaries of pension plans act with prudence and loyalty when selecting service providers, and prohibits discrimination based on race, color, religion, sex, or national origin in that selection.
Sec. 2, Service provider selection: This section amends ERISA section 404(a)(1) by adding a new subparagraph (E). It requires fiduciaries to select, monitor, and retain any fiduciary, counsel, employee, or service provider of the plan in accordance with the existing duties of prudence and loyalty (subparagraphs (A) and (B)), and to do so without regard to race, color, religion, sex, or national origin.
Summary of the bill text as reported in House (Sep 26, 2023), generated by SecBot from the official bill text; the Library of Congress summary is not yet published.
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Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 27, 2026.