Adds a new paragraph (3) to subsection (a) of 29 U.S.C. 1104 that (A) for individual-account pension plans that permit participant or beneficiary control, clarifies that fiduciaries are neither required nor prohibited from selecting particular types of investment alternatives so long as participants are given the opportunity to choose from a broad range of alternatives and that investments may not be favored or disfavored except on the basis of risk-return characteristics; and (B) addresses fiduciary selection of self-directed brokerage windows by (i) prohibiting the Secretary from issuing regulations or subregulatory guidance that constrain or prohibit the range or type of investments that may be offered through such brokerage windows, (ii) applying subsection (c) to such brokerage windows, and (iii) stating that the diversification and prudence requirements of paragraph (1)(C) and (1)(B) are not violated by selecting such a window or by a participant’s exercise of control over assets in the window.