The House voted 213-205 to pass the Protecting Prudent Investment of Retirement Savings Act to amend ERISA to rescind the Biden-era, SWACCA-supported Prudence and Loyalty rule, which returned ERISA fiduciaries to a familiar framework for assessing plan investments with similar risk and return characteristics and that allowed plan trustees to consider as a relevant financial factor whether the investment created union work hours that resulted in contributions to the plan. SWACCA is already engaged in outreach efforts in the Senate to ensure that this bill does not receive the 60 votes necessary to pass in that chamber.
