Providing Complete Information to Retirement Investors Act

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to enhance transparency and participant awareness regarding investment risks within pension plans. It specifically targets individual account plans that offer "brokerage windows" or similar self-directed investment arrangements, which allow participants to choose investments beyond those designated by plan fiduciaries. A key provision requires that participants or beneficiaries receive and acknowledge a detailed 4-part notice each time they direct an investment into, out of, or within an arrangement that is not a designated investment alternative, explicitly stating that such investments are not prudently selected or monitored by plan fiduciaries, unlike the plan's designated options. This notice further warns of potentially diminished returns, higher fees, and increased risk, and includes a hypothetical illustration of projected account balances at different annual return rates. The legislation also formally defines "designated investment alternative" to exclude brokerage windows and similar self-directed accounts, with these amendments scheduled to take effect on January 1, 2026. This aims to ensure participants are fully informed about the distinct risks associated with self-directed investment choices.