# Plain Language Summary: Providing Complete Information to Retirement Investors Act

This bill requires retirement plans that offer "brokerage windows" to give workers clear warnings before they invest in risky options outside the plan's standard offerings. A brokerage window is a feature that lets employees invest their retirement savings in almost any investment they want, rather than just the pre-selected options the plan normally offers. The bill says that before someone uses this feature, they must receive and acknowledge a four-part warning that explains the risks they're taking.

The warning must tell workers four specific things: first, that the plan's regular investment options were carefully chosen and monitored by financial experts; second, that investments through the brokerage window were not vetted by these experts; third, that picking risky investments through the brokerage window could mean lower returns, higher fees, and greater risk compared to the standard options; and fourth, the warning must include a graph showing how different investment returns (4%, 6%, and 8% annually) would affect their retirement savings by age 67. Workers have to acknowledge they understand this information each time they move money into, out of, or within these brokerage window investments.

The practical effect is that retirement plans can no longer quietly let workers gamble with their retirement savings through brokerage windows without making sure they understand what they're doing. This protects people from accidentally making poor investment choices that could significantly reduce their retirement security. The requirement takes effect on January 1, 2025, giving plans time to set up the warning system before it becomes mandatory.