Providing Complete Information to Retirement Investors Act

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to require pension plans that offer individual accounts and a choice of designated investment alternatives to provide participants and beneficiaries with a specific notice about the risks of using investment arrangements that are not designated investment alternatives, such as brokerage windows, before they can direct investments into those arrangements.

Sec. 2, Brokerage window disclosures: This section adds a new requirement to ERISA. For a pension plan with individual accounts that lets participants choose from designated investment alternatives, a participant is not considered to be exercising control over their account unless, each time before they direct an investment into, out of, or within an investment arrangement that is not a designated investment alternative, they are notified of and acknowledge a four-part notice. The notice must state that the plan's designated investment alternatives are prudently selected and monitored by fiduciaries; that investments through the other arrangement are not prudently selected or monitored; that using those investments may lead to diminished returns, higher fees, and higher risk; and it must include a hypothetical illustration of the impact of returns at 4%, 6%, and 8% on the account balance projected to age 67. The notice must also include a graph showing projected retirement balances at age 67 for each of those three annual return rates. The section also defines 'designated investment alternative' as an investment alternative designated by a plan fiduciary, explicitly excluding brokerage windows, self-directed brokerage accounts, or similar arrangements. The amendment takes effect on January 1, 2025.