Requires employee retirement plan fiduciaries to base investment decisions and management of shareholder rights only on financial (pecuniary) factors, and forbids putting nonfinancial goals ahead of participants’ retirement interests. If two or more investment options cannot be distinguished on financial grounds, the fiduciary must select among them at random and document why pecuniary factors were insufficient and that no resources were used to favor nonpecuniary goals.

Also requires fiduciaries to manage shareholder rights (for example, proxy voting) to protect plan participants’ financial interests, establishes duties for deciding and acting on those rights, sets standards for hiring and monitoring advisers or delegated managers, permits written voting policies (with a safe harbor), and applies shareholder-rights rules for actions on or after 2026-01-01.