Restoring Integrity in Fiduciary Duty Act amends ERISA to clarify fiduciary duties.
The Restoring Integrity in Fiduciary Duty Act amends the Employee Retirement Income Security Act of 1974 (ERISA) to clarify the criteria by which a fiduciary may evaluate and select investments based on nonpecuniary factors, and to clarify the application of prudence and exclusive purpose duties to the exercise of shareholder rights. The bill specifies that a fiduciary may evaluate an investment or investment course of action based only on pecuniary factors, except for certain voting rights.
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