This bill, titled the "Restoring Integrity in Fiduciary Duty Act," amends the Employee Retirement Income Security Act of 1974 (ERISA) to provide explicit guidance on how fiduciaries must evaluate and select investments. It stipulates that fiduciaries may only evaluate investments based on pecuniary factors , which are those expected to have a material effect on risk or return. Fiduciaries are expressly prohibited from subordinating the interests of participants and beneficiaries to other objectives, or from sacrificing investment return or taking on additional risk to promote nonpecuniary benefits or goals . An exception allows for the use of nonpecuniary factors only when a fiduciary cannot distinguish between investment alternatives based on pecuniary factors alone, requiring the use of a "capita aut navia" (random choice) standard with detailed documentation. For participant-directed individual account plans, fiduciaries may consider nonpecuniary factors for investment options, but such options cannot be added or retained as default investments. These changes related to investment evaluation will apply to actions taken one year after the bill's enactment. The bill further clarifies the application of fiduciary duties to the exercise of shareholder rights , such as proxy voting. Fiduciaries must exercise these rights prudently and solely in the economic interest of participants and beneficiaries, and for the exclusive purpose of providing benefits and defraying plan expenses. They must not subordinate participant interests to any nonpecuniary objective or promote nonpecuniary benefits. Fiduciaries are required to consider costs, evaluate material facts, and maintain records of their shareholder rights activities. The bill also mandates prudent monitoring of investment managers and proxy advisory firms. It allows fiduciaries to adopt safe harbor proxy voting policies that limit voting resources to economically material proposals or refrain from voting on proposals when the plan's investment in an issuer is below a certain threshold, with these provisions applying to shareholder rights exercised on or after January 1, 2026.