This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to provide explicit guidance on how fiduciaries must exercise shareholder rights, including proxy voting, for retirement plan assets. It clarifies that managing plan assets encompasses the management of these shareholder rights, requiring fiduciaries to act prudently and solely in the interests of participants and beneficiaries , with the exclusive purpose of providing benefits and covering plan expenses. A key provision mandates that fiduciaries, when exercising shareholder rights, must act exclusively in the economic interest of the plan and its participants, considering all costs and evaluating material facts. Crucially, the bill explicitly prohibits fiduciaries from subordinating participants' financial interests to any non-pecuniary objective or promoting goals unrelated to the plan's financial benefits. The legislation also requires fiduciaries to prudently select and monitor any third parties, such as investment managers or proxy advisory firms, that assist with or are delegated the authority to exercise shareholder rights. Furthermore, it introduces the concept of safe harbor proxy voting policies , allowing fiduciaries to establish parameters for when they may refrain from voting, such as for proposals not substantially related to the issuer's business or when the plan's investment in an issuer is below a certain threshold, thereby presuming satisfaction of fiduciary duties for decisions not to vote.