Protecting Prudent Investment of Retirement Savings Act

H.R.4868 - College Athlete Economic Freedom Act. S.2470 - College Athlete Economic Freedom Act. General lobbying with regard to ending forced arbitration in employment claims. General lobbying and on draft legislation with regard to name, image, and likeness (NIL). S. 2026 Court Legal Access and Student Support Act (CLASS) Act. H.R. 3938 Court Legal Access and Student Support Act (CLASS) Act. H.R. 2688 Protecting Student Athletes Economic Freedom Act of 2025. H.R. 2663 Restore College Sports Act. H.R. 4312 SCORE Act. S.2932 Student Athlete Fairness and Enforcement Act. H.R.6350 - College Athletics Reform Act. H.R.5267 - American Franchise Act. H.R.2988 - Protecting Prudent Investment of Retirement Savings Act. H.R.5169 - Retire through Ownership Act. H.R.4624 - Muhammad Ali American Boxing Revival Act of 2026. S.4668 - Protect College Sports Act of 2026. H.R.9137 - Protect College Sports Act of 2026.

Client expense: $1,840,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Retirement Security, Q4 2025 1.H.R.1013, S.424 Retirement Fairness for Charities and Educational Institutions Act of 2025: Allows 403(b) retirement plans to invest in Collective Investment Trust or Separate Accounts Insurance Products to establish investment parity with other defined contribution plans, like 401(k)s. 2.H.R.2023, S.988 Womens Retirement Protection Act (WRPA): This legislation imposes spousal consent requirements on nearly all distributions from defined contribution plans. The bill also seeks to enhance financial literacy through grants to community-based organizations and offers grants to such organizations to help low-income women and survivors of domestic abuse obtain qualified domestic relations orders. 3.H.R.2067, S.928 Protecting Americans Retirement Savings Act (PARSA): This bill prohibits ERISA-covered retirement plans from making new investments in companies controlled by or based in countries considered to be foreign adversaries. Foreign adversaries include China, Iran, North Korea, and Russia. The bill also requires fiduciaries to disclose continuing investments in such entities and sanctioned firms. 4.H.R.2089 Generating Retirement Ownership through Long-Term Holding (GROWTH): The legislation provides that reinvested mutual fund dividends are not subject to capital gains taxation until the investor sells his or her shares. 5.H.R.2163 No Penalties for Victims of Fraud Act: The bill ensures that victims of retirement account fraud are not subject to the 10% additional income tax on early retirement plan distributions. 6.H.R.2544, S.1222 Financial Freedom Act of 2025: The legislation prohibits the Secretary of Labor from restricting the investments available in self-directed 401(k) brokerage windows. The bill also prohibits the DOL from preventing a fiduciary from selecting, any particular type of investment alternative, provided that a fiduciary provides the participant or beneficiary an opportunity to choose, from a broad range of investment alternatives, nor can the DOL require that any particular type of investment be either favored or disfavored, other than on the basis of the investments risk-return characteristics. 7.H.R.2696, S.1526 Retirement Savings for Americans Act (RSAA): This legislation establishes a federally run American Worker Retirement Plan for private-sector workers that do not have access to a workplace-based retirement plan. The bill also includes an enhanced federal matching contribution that only applies to lower income workers that participate in the federal plan. 8.H.R.2748 First Time Homeowner Savings Plan Act: This legislation increases the amount first-time homebuyers could pull from their retirement savings from the $10,000 set in the 1990s to $25,000 (indexed to inflation) without the 10% additional income tax on early retirement plan distributions to use as a down payment on their home. 9.H.R.2869 EBSA Investigations Transparency Act: This legislation requires the Department of Labors Employee Benefits Security Administration (EBSA) to submit annual reports to Congress on the status of its open employee plan audits and to explain why any audits open for more than 36 months have not been closed. 10.H.R.2958 Balance the Scales Act: This legislation requires the Department of Labors Employee Benefits Security Administration (EBSA) to report annually to Congress about its use of common interest agreements. 11.H.R.2988 Protecting Prudent Investment of Retirement Savings Act: This legislation amends ERISA to specify that a retirement plan fiduciary shall be considered acting solely in the interest of participants only if: 1) the investment does not subordinate the interest of participants in their retirement income or financial benefits under the plan to other objectives, including ESG objectives and 2) the fiduciary does not sacrifice investment returns or take on additional investment risks to promote goals unrelated to the plan. 12.H.R.3526, S.2867 Uplifting First-Time Homebuyers Act of 2025: This legislation allows individuals to take an early distribution out of an IRA of up to $50,000 for a qualified first-time home purchase without the 10% additional income tax penalty. Current rules only allow up to a $10,000 early distribution without penalty. 13.H.R.4718, S.1707 Helping Young Americans Save for Retirement Act: This legislation lowers the required minimum participation age in ERISA-covered retirement plans from age 21 to age 18. 14.S.2003 Strengthening Benefits Plans Act of 2025: This legislation permits surplus assets in a retiree health account to be used for other benefits, like active employee health benefits. The legislation also permits surplus assets in a defined benefit plan to be used to provide contributions to the employers defined contribution plan without terminating the defined benefit plan. 15.S.2210 Unlocking Benefits for Independent Workers Act: This legislation establishes a safe harbor under federal law for companies that would like to voluntarily provide independent workers with any benefit or protection commonly provided to full-time employees, such as retirement and health care benefits. 16.S.2217 Independent Retirement Fairness Act: This legislation relaxes the audit rules for pooled employer plans (PEPs) and allows companies to enroll their independent workers in PEPs and simplified employer pensions (SEPs) IRAs without triggering employee classification. 17.H.R.4548, S.2365 Small Nonprofit Retirement Security Act of 2025: This legislation makes the credit for small employer pension plan startup costs and the retirement auto-enrollment credit available to tax-exempt eligible small employers. 18.H.R.5325 Unclaimed Retirement Rescue Plan: This legislation directs the Department of Labor (DOL) to issue a regulation that would permit retirement plan fiduciaries to transfer unclaimed retirement distributions to State unclaimed property programs. 19.H.R.5748 Retirement Investment Choice Act: This legislation codifies Executive Order 14330 relating to democratizing access to alternative assets for 401(k) investors. 20.S.3083 Providing Complete Information to Retirement Investors Act: This legislation adds a new notice requirement to participants investing through brokerage windows in 401(k) plans to explain that the investments in a brokerage window have not been prudently selected and are not monitored by a plan fiduciary. 21.S.3086 Restoring Integrity in Fiduciary Duty Act: This legislation limits fiduciary consideration of nonpecuniary factors for investments. The bill further states that ERISA fiduciaries must also make decisions regarding the exercise of shareholder rights and proxy voting based on pecuniary factors. 22.H.R.5887 Saving for the Future Act: This legislation establishes a hybrid emergency savings and 401(k)-type government-run program called the Federal Universal Personal Savings Investment Program and creates UP Retirement Accounts for every full-time and part-time worker not covered by an active defined benefit pension plan. The legislation also requires employers to make a minimum employer contribution to the workers retirement account. 23.H.R.6084 ERISA Litigation Reform Act: This legislation amends the pleading standard under ERISA Section 502 for certain claims to put the burden on the plaintiff to plausibly allege and prove that an ERISA prohibitive transaction occurred that is not exempt under ERISA section 408(b)(2). 24.H.R.6324 Retirement Simplification and Clarity Act: This legislation would: (1) permit an in-service plan distribution to an individual retirement annuity on or after attainment of age 50; and (2) include a specific reference to an individual retirement annuity as a rollover option under a simplified 402(f) safe harbor notice. 25.H.R.6417, S.3333 Emergency Savings Enhancement Act of 2025: This legislation would double the maximum balance limit for Pension-Linked Emergency Savings Accounts (PLESAs) from $2,500 to $5,000 and allows Highly Compensated Employees (HCEs) to participate. 26.H.R.6450, S.3352 Retirement Rollover Flexibility Act: This legislation would permit rollover contributions from Roth IRAs to designated Roth accounts in qualified retirement plans, like 401(k)s. 27.H.R.6722 Automatic IRA Act of 2025: The legislation would require employers with more than 10 employees that do not sponsor a retirement plan to automatically enroll their employees in IRAs (automatic IRAs) or other automatic contribution plans or arrangements, like 401(k) plans. The legislation also requires 401(k) plans with over 100 participants plans must permit participants to elect to receive at least 50 percent of their vested account balance in the form of lifetime income. This requirement does not apply to participants with balances below $200,000. 28.H.R.6729, S.1831 Auto Reenroll Act of 2025: This legislation amends the qualified automatic contribution arrangement (QACA) safe harbor in the tax code for 401(k) plans to allow for automatic periodic reenrollment into the plan. 29.H.R.7185 Home Savings Act: This legislation permits penalty-free withdrawals from a 401(k) account for up to five years when the funds are used for a down payment or closing costs on a primary residence. The legislation also allows an individual to make a penalty-free 401(k) withdrawal and gift those funds to a relative, exempt from gift tax, provided the relative uses the money for a down payment or closing costs on a primary residence. 30.H.R.7362 Form 5500 Filing Simplification Act: This legislation extends the Form 5500 filing deadline to October 15 (for calendar year retirement plans), thus eliminating the need for an extension. 31.H.R.7556, S.2335 Pensions for All Act: This legislation requires every employer to provide to their employees a retirement program with benefits equivalent to the Federal Employees Retirement System (FERS) or to elect for their employees to participate in FERS. 32.H.R.8273, S.4291 Catching Up Family Caregivers Act of 2026: This legislation allows full-time family caregivers to qualify for up to five additional years of retirement plan catch-up contributions. Catch-up contributions currently allow individuals over age 50 to contribute above the standard annual retirement plan contribution limit, with even higher limits available for those ages 60 to 63. 33.H.R.8274, S.4292 Improving Retirement for Family Caregivers Act of 2026: Current law limits Roth IRA contributions to the lesser of $7,000 or total annual income. This legislation eliminates the annual income requirement for family caregivers, thus allowing them to contribute to a Roth IRA even if they do not have any income. 34.H.R.8313 Trump Accounts for All Generations Act: The One Big Beautiful Bill Act (OBBBA) enacted last year created the Trump Account, which is a new individual tax-preferred savings vehicle for children, with a $1,000 government seed contribution for every child born in the United States from 2025 to 2029. This legislation makes the $1,000 government contribution for children permanent and indexes the $1,000 contribution amount to inflation beginning in 2029. 35.H.R.8314 OPTIONS Act: The legislation allows employees to allocate employer contributions among various pre-tax benefits, including retirement accounts, health savings accounts, health reimbursement accounts, and educational assistance programs. 36.S.4360 Investigation Status and Governance for Honest Transparency (INSIGHT) Act: This legislation requires the Employee Benefits Security Administration (EBSA) to submit annual reports to Congress on the status of its open employee plan audits and to explain why any audits open for more than 36 months have not been closed. And it also requires the Department of Labor to formalize and disclose situations in which it is providing adverse assistance which means assistance to plaintiffs lawyers suing ERISA benefit plan sponsors and fiduciaries. 37.H.R.8783, S.4511 Charity Parity Act: Current law allows retirement savers to exclude up to $111,000 in annual gross income to make qualified charitable distributions (QCDs), but only if the funds are donated directly from an IRA. This tax break excludes distributions from employer-sponsored retirement plans like 401(k)s and 403(b)s. So, under current law, individuals must first roll assets into an IRA to make a QCD. The Charity Parity Act would permit direct QCDs from employer-sponsored retirement plans. 38.H.R.8837, S.1840 Retirement Investment in Small Employers (RISE) Act: This legislation raises the floor for the existing $250 per-employee tax credit available to small businesses to create retirement plans, ensuring that all small businesses can receive a tax credit of at least $2,500. The House version of the legislation allows the service provider to claim the tax credit as payment for services that would ordinarily be charged to the employer for starting the plan. 39.General Accounts Product Corrections Act: This proposed legislation clarifies fiduciary responsibilities for life insurance companies as it relates to investments in their general accounts. Income Security S. 2415 and H.R. 7107, the Long-Term Care Affordability Act: Would allow for tax free distributions from retirement accounts to fund LTC contracts. H.R. 133, Both provisions are in the larger bill. H.R.1185 - FAMILY Act. Issue: paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member. H.R.1940 - New Parents Act of 2019. Issue: paid family and medical leave H.R.2163 - To amend the Internal Revenue Code of 1986 to allow for tax-advantaged distributions from health savings accounts during family or medical leave, and for other purposes. Issue: paid family and medical leave S.463 - FAMILY Act. Issue: paid family and medical leave- paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member S.920 - New Parents Act of 2019. Issue: paid family and medical leave Discussion draft - CRADLE Act. Issue: paid family and medical leave - allows for a deferment of retirement benefits for paid leave benefits. Proposed FY 2020 Budget proposal on paid family and medical leave. Issue: paid family and medical leave H.R. 2694 - Pregnant Workers Fairness Act. Issue: paid family and medical leave. Concurrent Resolution on the Budget, FY2022, S.Con.Res.14. The budget resolution calls for the $3.5 trillion in long-term investments to be fully offset by a combination of new tax revenues, health care savings, and long-term economic growth. In addition, the agreement would prohibit new taxes on families making less than $400,000 per year, and on small businesses and family farms. Issue: Medicare/Dental (Expanding Medicare to include dental, vision, hearing benefits and lowering the eligibility age). H.R. 5376- Build Back Better Act This bill provides funding, establishes programs, and otherwise modifies provisions relating to a broad array of areas, including education, labor, child-care, health care, taxes, immigration, and the environment. Excepted Benefits on Supplemental Benefits-proposed tri-agency rule through HHS, Treasury and Labor. S.3680 - Paid Family and Medical Leave Tax Credit Extension and Enhancement Act Diversity and Inclusion H.R. 5084 - Improving Corporate Governance Through Diversity Act. Issue: diversity and inclusion. H.R. 5360 - Closing the Racial Wealth Gap Act. Issue: diversity and inclusion. H.R. 281 - Ensuring Diverse Leadership Act. Issue: diversity and inclusion. H.R. 7946 and S. 4464 - Federal Reserve Racial and Economic Equity Act. Issue: diversity and inclusion.

Client expense: $1,103,598 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Retirement Security, Q4 2025 1.H.R.1013, S.424 Retirement Fairness for Charities and Educational Institutions Act of 2025: Allows 403(b) retirement plans to invest in Collective Investment Trust or Separate Accounts Insurance Products to establish investment parity with other defined contribution plans, like 401(k)s. 2.H.R.2023, S.988 Womens Retirement Protection Act (WRPA): This legislation imposes spousal consent requirements on nearly all distributions from defined contribution plans. The bill also seeks to enhance financial literacy through grants to community-based organizations and offers grants to such organizations to help low-income women and survivors of domestic abuse obtain qualified domestic relations orders. 3.H.R.2067, S.928 Protecting Americans Retirement Savings Act (PARSA): This bill prohibits ERISA-covered retirement plans from making new investments in companies controlled by or based in countries considered to be foreign adversaries. Foreign adversaries include China, Iran, North Korea, and Russia. The bill also requires fiduciaries to disclose continuing investments in such entities and sanctioned firms. 4.H.R.2089 Generating Retirement Ownership through Long-Term Holding (GROWTH): The legislation provides that reinvested mutual fund dividends are not subject to capital gains taxation until the investor sells his or her shares. 5.H.R.2163 No Penalties for Victims of Fraud Act: The bill ensures that victims of retirement account fraud are not subject to the 10% additional income tax on early retirement plan distributions. 6.H.R.2544, S.1222 Financial Freedom Act of 2025: The legislation prohibits the Secretary of Labor from restricting the investments available in self-directed 401(k) brokerage windows. The bill also prohibits the DOL from preventing a fiduciary from selecting, any particular type of investment alternative, provided that a fiduciary provides the participant or beneficiary an opportunity to choose, from a broad range of investment alternatives, nor can the DOL require that any particular type of investment be either favored or disfavored, other than on the basis of the investments risk-return characteristics. 7.H.R.2696, S.1526 Retirement Savings for Americans Act (RSAA): This legislation establishes a federally run American Worker Retirement Plan for private-sector workers that do not have access to a workplace-based retirement plan. The bill also includes an enhanced federal matching contribution that only applies to lower income workers that participate in the federal plan. 8.H.R.2748 First Time Homeowner Savings Plan Act: This legislation increases the amount first-time homebuyers could pull from their retirement savings from the $10,000 set in the 1990s to $25,000 (indexed to inflation) without the 10% additional income tax on early retirement plan distributions to use as a down payment on their home. 9.H.R.2869 EBSA Investigations Transparency Act: This legislation requires the Department of Labors Employee Benefits Security Administration (EBSA) to submit annual reports to Congress on the status of its open employee plan audits and to explain why any audits open for more than 36 months have not been closed. 10.H.R.2958 Balance the Scales Act: This legislation requires the Department of Labors Employee Benefits Security Administration (EBSA) to report annually to Congress about its use of common interest agreements. 11.H.R.2988 Protecting Prudent Investment of Retirement Savings Act: This legislation amends ERISA to specify that a retirement plan fiduciary shall be considered acting solely in the interest of participants only if: 1) the investment does not subordinate the interest of participants in their retirement income or financial benefits under the plan to other objectives, including ESG objectives and 2) the fiduciary does not sacrifice investment returns or take on additional investment risks to promote goals unrelated to the plan. 12.H.R.3526, S.2867 Uplifting First-Time Homebuyers Act of 2025: This legislation allows individuals to take an early distribution out of an IRA of up to $50,000 for a qualified first-time home purchase without the 10% additional income tax penalty. Current rules only allow up to a $10,000 early distribution without penalty. 13.H.R.4718, S.1707 Helping Young Americans Save for Retirement Act: This legislation lowers the required minimum participation age in ERISA-covered retirement plans from age 21 to age 18. 14.S.2003 Strengthening Benefits Plans Act of 2025: This legislation permits surplus assets in a retiree health account to be used for other benefits, like active employee health benefits. The legislation also permits surplus assets in a defined benefit plan to be used to provide contributions to the employers defined contribution plan without terminating the defined benefit plan. 15.S.2210 Unlocking Benefits for Independent Workers Act: This legislation establishes a safe harbor under federal law for companies that would like to voluntarily provide independent workers with any benefit or protection commonly provided to full-time employees, such as retirement and health care benefits. 16.S.2217 Independent Retirement Fairness Act: This legislation relaxes the audit rules for pooled employer plans (PEPs) and allows companies to enroll their independent workers in PEPs and simplified employer pensions (SEPs) IRAs without triggering employee classification. 17.H.R.4548, S.2365 Small Nonprofit Retirement Security Act of 2025: This legislation makes the credit for small employer pension plan startup costs and the retirement auto-enrollment credit available to tax-exempt eligible small employers. 18.H.R.5325 Unclaimed Retirement Rescue Plan: This legislation directs the Department of Labor (DOL) to issue a regulation that would permit retirement plan fiduciaries to transfer unclaimed retirement distributions to State unclaimed property programs. 19.H.R.5748 Retirement Investment Choice Act: This legislation codifies Executive Order 14330 relating to democratizing access to alternative assets for 401(k) investors. 20.S.3083 Providing Complete Information to Retirement Investors Act: This legislation adds a new notice requirement to participants investing through brokerage windows in 401(k) plans to explain that the investments in a brokerage window have not been prudently selected and are not monitored by a plan fiduciary. 21.S.3086 Restoring Integrity in Fiduciary Duty Act: This legislation limits fiduciary consideration of nonpecuniary factors for investments. The bill further states that ERISA fiduciaries must also make decisions regarding the exercise of shareholder rights and proxy voting based on pecuniary factors. 22.H.R.5887 Saving for the Future Act: This legislation establishes a hybrid emergency savings and 401(k)-type government-run program called the Federal Universal Personal Savings Investment Program and creates UP Retirement Accounts for every full-time and part-time worker not covered by an active defined benefit pension plan. The legislation also requires employers to make a minimum employer contribution to the workers retirement account. 23.H.R.6084 ERISA Litigation Reform Act: This legislation amends the pleading standard under ERISA Section 502 for certain claims to put the burden on the plaintiff to plausibly allege and prove that an ERISA prohibitive transaction occurred that is not exempt under ERISA section 408(b)(2). 24.H.R.6324 Retirement Simplification and Clarity Act: This legislation would: (1) permit an in-service plan distribution to an individual retirement annuity on or after attainment of age 50; and (2) include a specific reference to an individual retirement annuity as a rollover option under a simplified 402(f) safe harbor notice. 25.H.R.6417, S.3333 Emergency Savings Enhancement Act of 2025: This legislation would double the maximum balance limit for Pension-Linked Emergency Savings Accounts (PLESAs) from $2,500 to $5,000 and allows Highly Compensated Employees (HCEs) to participate. 26.H.R.6450, S.3352 Retirement Rollover Flexibility Act: This legislation would permit rollover contributions from Roth IRAs to designated Roth accounts in qualified retirement plans, like 401(k)s. 27.H.R.6722 Automatic IRA Act of 2025: The legislation would require employers with more than 10 employees that do not sponsor a retirement plan to automatically enroll their employees in IRAs (automatic IRAs) or other automatic contribution plans or arrangements, like 401(k) plans. The legislation also requires 401(k) plans with over 100 participants plans must permit participants to elect to receive at least 50 percent of their vested account balance in the form of lifetime income. This requirement does not apply to participants with balances below $200,000. 28.H.R.6729, S.1831 Auto Reenroll Act of 2025: This legislation amends the qualified automatic contribution arrangement (QACA) safe harbor in the tax code for 401(k) plans to allow for automatic periodic reenrollment into the plan. 29.H.R.7185 Home Savings Act: This legislation permits penalty-free withdrawals from a 401(k) account for up to five years when the funds are used for a down payment or closing costs on a primary residence. The legislation also allows an individual to make a penalty-free 401(k) withdrawal and gift those funds to a relative, exempt from gift tax, provided the relative uses the money for a down payment or closing costs on a primary residence. 30.H.R.7362 Form 5500 Filing Simplification Act: This legislation extends the Form 5500 filing deadline to October 15 (for calendar year retirement plans), thus eliminating the need for an extension. 31.H.R.7556, S.2335 Pensions for All Act: This legislation requires every employer to provide to their employees a retirement program with benefits equivalent to the Federal Employees Retirement System (FERS) or to elect for their employees to participate in FERS. 32.H.R.8273, S.4291 Catching Up Family Caregivers Act of 2026: This legislation allows full-time family caregivers to qualify for up to five additional years of retirement plan catch-up contributions. Catch-up contributions currently allow individuals over age 50 to contribute above the standard annual retirement plan contribution limit, with even higher limits available for those ages 60 to 63. 33.H.R.8274, S.4292 Improving Retirement for Family Caregivers Act of 2026: Current law limits Roth IRA contributions to the lesser of $7,000 or total annual income. This legislation eliminates the annual income requirement for family caregivers, thus allowing them to contribute to a Roth IRA even if they do not have any income. 34.H.R.8313 Trump Accounts for All Generations Act: The One Big Beautiful Bill Act (OBBBA) enacted last year created the Trump Account, which is a new individual tax-preferred savings vehicle for children, with a $1,000 government seed contribution for every child born in the United States from 2025 to 2029. This legislation makes the $1,000 government contribution for children permanent and indexes the $1,000 contribution amount to inflation beginning in 2029. 35.H.R.8314 OPTIONS Act: The legislation allows employees to allocate employer contributions among various pre-tax benefits, including retirement accounts, health savings accounts, health reimbursement accounts, and educational assistance programs. 36.S.4360 Investigation Status and Governance for Honest Transparency (INSIGHT) Act: This legislation requires the Employee Benefits Security Administration (EBSA) to submit annual reports to Congress on the status of its open employee plan audits and to explain why any audits open for more than 36 months have not been closed. And it also requires the Department of Labor to formalize and disclose situations in which it is providing adverse assistance which means assistance to plaintiffs lawyers suing ERISA benefit plan sponsors and fiduciaries. 37.H.R.8783, S.4511 Charity Parity Act: Current law allows retirement savers to exclude up to $111,000 in annual gross income to make qualified charitable distributions (QCDs), but only if the funds are donated directly from an IRA. This tax break excludes distributions from employer-sponsored retirement plans like 401(k)s and 403(b)s. So, under current law, individuals must first roll assets into an IRA to make a QCD. The Charity Parity Act would permit direct QCDs from employer-sponsored retirement plans. 38.H.R.8837, S.1840 Retirement Investment in Small Employers (RISE) Act: This legislation raises the floor for the existing $250 per-employee tax credit available to small businesses to create retirement plans, ensuring that all small businesses can receive a tax credit of at least $2,500. The House version of the legislation allows the service provider to claim the tax credit as payment for services that would ordinarily be charged to the employer for starting the plan. 39.General Accounts Product Corrections Act: This proposed legislation clarifies fiduciary responsibilities for life insurance companies as it relates to investments in their general accounts. Income Security S. 2415 and H.R. 7107, the Long-Term Care Affordability Act: Would allow for tax free distributions from retirement accounts to fund LTC contracts. H.R. 133, Both provisions are in the larger bill. H.R.1185 - FAMILY Act. Issue: paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member. H.R.1940 - New Parents Act of 2019. Issue: paid family and medical leave H.R.2163 - To amend the Internal Revenue Code of 1986 to allow for tax-advantaged distributions from health savings accounts during family or medical leave, and for other purposes. Issue: paid family and medical leave S.463 - FAMILY Act. Issue: paid family and medical leave- paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member S.920 - New Parents Act of 2019. Issue: paid family and medical leave Discussion draft - CRADLE Act. Issue: paid family and medical leave - allows for a deferment of retirement benefits for paid leave benefits. Proposed FY 2020 Budget proposal on paid family and medical leave. Issue: paid family and medical leave H.R. 2694 - Pregnant Workers Fairness Act. Issue: paid family and medical leave. Concurrent Resolution on the Budget, FY2022, S.Con.Res.14. The budget resolution calls for the $3.5 trillion in long-term investments to be fully offset by a combination of new tax revenues, health care savings, and long-term economic growth. In addition, the agreement would prohibit new taxes on families making less than $400,000 per year, and on small businesses and family farms. Issue: Medicare/Dental (Expanding Medicare to include dental, vision, hearing benefits and lowering the eligibility age). H.R. 5376- Build Back Better Act This bill provides funding, establishes programs, and otherwise modifies provisions relating to a broad array of areas, including education, labor, child-care, health care, taxes, immigration, and the environment. Excepted Benefits on Supplemental Benefits-proposed tri-agency rule through HHS, Treasury and Labor. S.3680 - Paid Family and Medical Leave Tax Credit Extension and Enhancement Act Diversity and Inclusion H.R. 5084 - Improving Corporate Governance Through Diversity Act. Issue: diversity and inclusion. H.R. 5360 - Closing the Racial Wealth Gap Act. Issue: diversity and inclusion. H.R. 281 - Ensuring Diverse Leadership Act. Issue: diversity and inclusion. H.R. 7946 and S. 4464 - Federal Reserve Racial and Economic Equity Act. Issue: diversity and inclusion.

Client expense: $1,103,598 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 4171, the Small Entrepreneurs Empowerment and Development (SEED) Act H.R. 6955, the Main Street Capital Access Act H.R. 7127, the Restoring Secondary Trading Market Act S. 4092 No Crypto in Social Security Act S.4157 No Bailout for Crypto Act S. 4085 Take Back Our Hospitals Act H.R.7920 Take Back Our Hospitals Act HR. 7955 BETS OFF Act S. 4115 BETS OFF Act S. 4226 Stop Trading On Predictions (STOP) Corrupt Bets Act H.R.8123 Stop Trading On Predictions (STOP) Corrupt Bets Act private equity regulation private equity in health care S. 3829 Corporate Crimes Against Health Care Act H.R. 7537 Corporate Crimes Against Health Care Act Crypto Regulatory Legislation digital assets regulation Central Bank Digital Currency H.R. 3633, the CLARITY Act (crypto market regulation) Crypto and Government Ethics, Disclosure, Constitutional issues PE and childcare H.R. 6967, the Public Company Advisory Committee Act H.R. 7085 on conflict minerals disclosures Proxy advisors H.R. 2988, Protecting Prudent Investment of Retirement Savings Act the Reward Work Act Stock buybacks Executive compensation Stock Buyback Accountability Act Insurance crisis consumer protections, supervision, and bailout policy

Client expense: $150,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Retirement Security, Q4 2025 1.H.R.1013, S.424 Retirement Fairness for Charities and Educational Institutions Act of 2025: Allows 403(b) retirement plans to invest in Collective Investment Trust or Separate Accounts Insurance Products to establish investment parity with other defined contribution plans, like 401(k)s. 2.H.R.2023, S.988 Womens Retirement Protection Act (WRPA): This legislation imposes spousal consent requirements on nearly all distributions from defined contribution plans. The bill also seeks to enhance financial literacy through grants to community-based organizations and offers grants to such organizations to help low-income women and survivors of domestic abuse obtain qualified domestic relations orders. 3.H.R.2067, S.928 Protecting Americans Retirement Savings Act (PARSA): This bill prohibits ERISA-covered retirement plans from making new investments in companies controlled by or based in countries considered to be foreign adversaries. Foreign adversaries include China, Iran, North Korea, and Russia. The bill also requires fiduciaries to disclose continuing investments in such entities and sanctioned firms. 4.H.R.2089 Generating Retirement Ownership through Long-Term Holding (GROWTH): The legislation provides that reinvested mutual fund dividends are not subject to capital gains taxation until the investor sells his or her shares. 5.H.R.2163 No Penalties for Victims of Fraud Act: The bill ensures that victims of retirement account fraud are not subject to the 10% additional income tax on early retirement plan distributions. 6.H.R.2544, S.1222 Financial Freedom Act of 2025: The legislation prohibits the Secretary of Labor from restricting the investments available in self-directed 401(k) brokerage windows. The bill also prohibits the DOL from preventing a fiduciary from selecting, any particular type of investment alternative, provided that a fiduciary provides the participant or beneficiary an opportunity to choose, from a broad range of investment alternatives, nor can the DOL require that any particular type of investment be either favored or disfavored, other than on the basis of the investments risk-return characteristics. 7.H.R.2696, S.1526 Retirement Savings for Americans Act (RSAA): This legislation establishes a federally run American Worker Retirement Plan for private-sector workers that do not have access to a workplace-based retirement plan. The bill also includes an enhanced federal matching contribution that only applies to lower income workers that participate in the federal plan. 8.H.R.2748 First Time Homeowner Savings Plan Act: This legislation increases the amount first-time homebuyers could pull from their retirement savings from the $10,000 set in the 1990s to $25,000 (indexed to inflation) without the 10% additional income tax on early retirement plan distributions to use as a down payment on their home. 9.H.R.2869 EBSA Investigations Transparency Act: This legislation requires the Department of Labors Employee Benefits Security Administration (EBSA) to submit annual reports to Congress on the status of its open employee plan audits and to explain why any audits open for more than 36 months have not been closed. 10.H.R.2958 Balance the Scales Act: This legislation requires the Department of Labors Employee Benefits Security Administration (EBSA) to report annually to Congress about its use of common interest agreements. 11.H.R.2988 Protecting Prudent Investment of Retirement Savings Act: This legislation amends ERISA to specify that a retirement plan fiduciary shall be considered acting solely in the interest of participants only if: 1) the investment does not subordinate the interest of participants in their retirement income or financial benefits under the plan to other objectives, including ESG objectives and 2) the fiduciary does not sacrifice investment returns or take on additional investment risks to promote goals unrelated to the plan. 12.H.R.3526, S.2867 Uplifting First-Time Homebuyers Act of 2025: This legislation allows individuals to take an early distribution out of an IRA of up to $50,000 for a qualified first-time home purchase without the 10% additional income tax penalty. Current rules only allow up to a $10,000 early distribution without penalty. 13.H.R.4718, S.1707 Helping Young Americans Save for Retirement Act: This legislation lowers the required minimum participation age in ERISA-covered retirement plans from age 21 to age 18. 14.S.1840 Retirement Investment in Small Employers (RISE) Act: This legislation raises the floor for the existing $250 per-employee tax credit available to small businesses to create retirement plans, ensuring that all small businesses can receive a tax credit of at least $2,500. 15.S.2003 Strengthening Benefits Plans Act of 2025: This legislation permits surplus assets in a retiree health account to be used for other benefits, like active employee health benefits. The legislation also permits surplus assets in a defined benefit plan to be used to provide contributions to the employers defined contribution plan without terminating the defined benefit plan. 16.S.2210 Unlocking Benefits for Independent Workers Act: This legislation establishes a safe harbor under federal law for companies that would like to voluntarily provide independent workers with any benefit or protection commonly provided to full-time employees, such as retirement and health care benefits. 17.S.2217 Independent Retirement Fairness Act: This legislation relaxes the audit rules for pooled employer plans (PEPs) and allows companies to enroll their independent workers in PEPs and simplified employer pensions (SEPs) IRAs without triggering employee classification. 18.H.R.4548, S.2365 Small Nonprofit Retirement Security Act of 2025: This legislation makes the credit for small employer pension plan startup costs and the retirement auto-enrollment credit available to tax-exempt eligible small employers. 19.H.R.5325 Unclaimed Retirement Rescue Plan: This legislation directs the Department of Labor (DOL) to issue a regulation that would permit retirement plan fiduciaries to transfer unclaimed retirement distributions to State unclaimed property programs. 20.H.R.5748 Retirement Investment Choice Act: This legislation codifies Executive Order 14330 relating to democratizing access to alternative assets for 401(k) investors. 21.S.3083 Providing Complete Information to Retirement Investors Act: This legislation adds a new notice requirement to participants investing through brokerage windows in 401(k) plans to explain that the investments in a brokerage window have not been prudently selected and are not monitored by a plan fiduciary. 22.S.3086 Restoring Integrity in Fiduciary Duty Act: This legislation limits fiduciary consideration of nonpecuniary factors for investments. The bill further states that ERISA fiduciaries must also make decisions regarding the exercise of shareholder rights and proxy voting based on pecuniary factors. 23.H.R.5887 Saving for the Future Act: This legislation establishes a hybrid emergency savings and 401(k)-type government-run program called the Federal Universal Personal Savings Investment Program and creates UP Retirement Accounts for every full-time and part-time worker not covered by an active defined benefit pension plan. The legislation also requires employers to make a minimum employer contribution to the workers retirement account. 24.H.R.6084 ERISA Litigation Reform Act: This legislation amends the pleading standard under ERISA Section 502 for certain claims to put the burden on the plaintiff to plausibly allege and prove that an ERISA prohibitive transaction occurred that is not exempt under ERISA section 408(b)(2). 25.H.R.6324 Retirement Simplification and Clarity Act: This legislation would: (1) permit an in-service plan distribution to an individual retirement annuity on or after attainment of age 50; and (2) include a specific reference to an individual retirement annuity as a rollover option under a simplified 402(f) safe harbor notice. 26.H.R.6417, S.3333 Emergency Savings Enhancement Act of 2025: This legislation would double the maximum balance limit for Pension-Linked Emergency Savings Accounts (PLESAs) from $2,500 to $5,000 and allows Highly Compensated Employees (HCEs) to participate. 27.H.R.6450, S.3352 Retirement Rollover Flexibility Act: This legislation would permit rollover contributions from Roth IRAs to designated Roth accounts in qualified retirement plans, like 401(k)s. 28.H.R.6722 Automatic IRA Act of 2025: The legislation would require employers with more than 10 employees that do not sponsor a retirement plan to automatically enroll their employees in IRAs (automatic IRAs) or other automatic contribution plans or arrangements, like 401(k) plans. The legislation also requires 401(k) plans with over 100 participants plans must permit participants to elect to receive at least 50 percent of their vested account balance in the form of lifetime income. This requirement does not apply to participants with balances below $200,000. 29.H.R.6729, S.1831 Auto Reenroll Act of 2025: This legislation amends the qualified automatic contribution arrangement (QACA) safe harbor in the tax code for 401(k) plans to allow for automatic periodic reenrollment into the plan. 30.H.R.7185 Home Savings Act: This legislation permits penalty-free withdrawals from a 401(k) account for up to five years when the funds are used for a down payment or closing costs on a primary residence. The legislation also allows an individual to make a penalty-free 401(k) withdrawal and gift those funds to a relative, exempt from gift tax, provided the relative uses the money for a down payment or closing costs on a primary residence. 31.H.R.7362 Form 5500 Filing Simplification Act: This legislation extends the Form 5500 filing deadline to October 15 (for calendar year retirement plans), thus eliminating the need for an extension. 32.H.R.7556, S.2335 Pensions for All Act: This legislation requires every employer to provide to their employees a retirement program with benefits equivalent to the Federal Employees Retirement System (FERS) or to elect for their employees to participate in FERS. 33.General Accounts Product Corrections Act: This proposed legislation clarifies fiduciary responsibilities for life insurance companies as it relates to investments in their general accounts. Income Security S. 2415 and H.R. 7107, the Long-Term Care Affordability Act: Would allow for tax free distributions from retirement accounts to fund LTC contracts. H.R. 133, Both provisions are in the larger bill. H.R.1185 - FAMILY Act. Issue: paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member. H.R.1940 - New Parents Act of 2019. Issue: paid family and medical leave H.R.2163 - To amend the Internal Revenue Code of 1986 to allow for tax-advantaged distributions from health savings accounts during family or medical leave, and for other purposes. Issue: paid family and medical leave S.463 - FAMILY Act. Issue: paid family and medical leave- paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member S.920 - New Parents Act of 2019. Issue: paid family and medical leave Discussion draft - CRADLE Act. Issue: paid family and medical leave - allows for a deferment of retirement benefits for paid leave benefits. Proposed FY 2020 Budget proposal on paid family and medical leave. Issue: paid family and medical leave H.R. 2694 - Pregnant Workers Fairness Act. Issue: paid family and medical leave. Concurrent Resolution on the Budget, FY2022, S.Con.Res.14. The budget resolution calls for the $3.5 trillion in long-term investments to be fully offset by a combination of new tax revenues, health care savings, and long-term economic growth. In addition, the agreement would prohibit new taxes on families making less than $400,000 per year, and on small businesses and family farms. Issue: Medicare/Dental (Expanding Medicare to include dental, vision, hearing benefits and lowering the eligibility age). H.R. 5376- Build Back Better Act This bill provides funding, establishes programs, and otherwise modifies provisions relating to a broad array of areas, including education, labor, child-care, health care, taxes, immigration, and the environment. Excepted Benefits on Supplemental Benefits-proposed tri-agency rule through HHS, Treasury and Labor. S.3680 - Paid Family and Medical Leave Tax Credit Extension and Enhancement Act Diversity and Inclusion H.R. 5084 - Improving Corporate Governance Through Diversity Act. Issue: diversity and inclusion. H.R. 5360 - Closing the Racial Wealth Gap Act. Issue: diversity and inclusion. H.R. 281 - Ensuring Diverse Leadership Act. Issue: diversity and inclusion. H.R. 7946 and S. 4464 - Federal Reserve Racial and Economic Equity Act. Issue: diversity and inclusion.

Client expense: $1,126,104 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R.1013, S.424 Retirement Fairness for Charities and Educational Institutions Act of 2025: Allows 403(b) retirement plans to invest in Collective Investment Trust or Separate Accounts Insurance Products to establish investment parity with other defined contribution plans, like 401(k)s. H.R. 2082-WISH Act-- provide for long-term care insurance benefits H.R.2089 Generating Retirement Ownership through Long-Term Holding (GROWTH): The legislation provides that reinvested mutual fund dividends are not subject to capital gains taxation until the investor sells his or her shares. H.R.2163 No Penalties for Victims of Fraud Act: The bill ensures that victims of retirement account fraud are not subject to the 10% additional income tax on early retirement plan distributions. H.R.2696/ S.1526 - Retirement Savings for Americans Act This legislation establishes a federally run American Worker Retirement Plan for private-sector workers that do not have access to a workplace-based retirement plan. H.R.2748 First Time Homeowner Savings Plan Act: This legislation increases the amount first-time homebuyers could pull from their retirement savings from the $10,000 set in the 1990s to $25,000 (indexed to inflation) without the 10% additional income tax on early retirement plan distributions to use as a down payment on their home. H.R.2869 EBSA Investigations Transparency Act: This legislation requires the Department of Labors Employee Benefits Security Administration (EBSA) to submit annual reports to Congress on the status of its open employee plan audits and to explain why any audits open for more than 36 months have not been closed. H.R. 2988 Protecting Prudent Investment of Retirement Savings Act: This legislation clarifies the criteria for meeting the fiduciary duty of ERISA. H.R.3526, S.2867 Uplifting First-Time Homebuyers Act of 2025: This legislation allows individuals to take an early distribution out of an IRA of up to $50,000 for a qualified first-time home purchase without the 10% additional income tax penalty. Current rules only allow up to a $10,000 early distribution without penalty. H.R. 4718/S.1707 Helping Young Americans Save for Retirement Act: This legislation lowers the required minimum participation age in ERISA-covered retirement plans from age 21 to age 18. H.R.5748 Retirement Investment Choice Act: This legislation codifies Executive Order 14330 relating to democratizing access to alternative assets for 401(k) investors. H.R.6084 ERISA Litigation Reform Act: This legislation amends the pleading standard under ERISA Section 502 for certain claims to put the burden on the plaintiff to plausibly allege and prove that an ERISA prohibitive transaction occurred that is not exempt under ERISA section 408(b)(2). H.R.6324 Retirement Simplification and Clarity Act: This legislation would: (1) permit an in-service plan distribution to an individual retirement annuity on or after attainment of age 50; and (2) include a specific reference to an individual retirement annuity as a rollover option under a simplified 402(f) safe harbor notice. H.R.6450, S.3352 Retirement Rollover Flexibility Act: This legislation would permit rollover contributions from Roth IRAs to designated Roth accounts in qualified retirement plans, like 401(k)s. H.R.6722 Automatic IRA Act of 2025: The legislation would require employers with more than 10 employees that do not sponsor a retirement plan to automatically enroll their employees in IRAs (automatic IRAs) or other automatic contribution plans or arrangements, like 401(k) plans. The legislation also requires 401(k) plans with over 100 participants plans must permit participants to elect to receive at least 50 percent of their vested account balance in the form of lifetime income. This requirement does not apply to participants with balances below $200,000. H.R. 6729/S.1831 Auto Reenroll Act of 2025: This legislation amends the qualified automatic contribution arrangement (QACA) safe harbor in the tax code for 401(k) plans to allow for automatic periodic reenrollment into the plan H.R.7185 Home Savings Act: This legislation permits penalty-free withdrawals from a 401(k) account for up to five years when the funds are used for a down payment or closing costs on a primary residence. The legislation also allows an individual to make a penalty-free 401(k) withdrawal and gift those funds to a relative, exempt from gift tax, provided the relative uses the money for a down payment or closing costs on a primary residence. General Accounts Product Corrections Act: Would clarify fiduciary responsibilities for life insurance companies as it relates to investments in their general accounts.

Client expense: $420,000 · Firm income: Not reported

Government targets: Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Protecting the Right to Organize (PRO) Act. Infrastructure Investment and Jobs Act (IIJA) implementation. National Institutes of Health (NIH) grants and funding. National Labor Relations Board (NLRB). Federal workers and collective bargaining rights. Heat Injury and Illness Prevention in Outdoor and Indoor Work Settings. National Institute for Occupational Safety and Health (NIOSH) workforce. Faster Labor Contracts Act (H.R. 5408). Protect Americas Workforce Act (H.R.2550). Oppose the Tribal Labor Sovereignty Act (H.R.1723). Supporting workforce development/apprenticeships. Supporting the FAMILY Act (HR 5390, S. 2823). Oppose H.R 2262, the Flexibility for Workers Education Act. Oppose H.R. 2270, the Empowering Employer Child and Elder Care Solutions Act. Oppose H.R. 2312, the Tipped Employee Protection Act. Oppose H.R. 2988, Protecting Prudent Investment of Retirement Savings Act. Support Healthy Families Act (H.R.7531).

Client expense: $220,000 · Firm income: Not reported

Government targets: Environmental Protection Agency (EPA), HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Natl Labor Relations Board (NLRB), Occupational Safety & Health Administration (OSHA), SENATE, U.S. Trade Representative (USTR)

H.R.4868 - College Athlete Economic Freedom Act. S.2470 - College Athlete Economic Freedom Act. General lobbying with regard to ending forced arbitration in employment claims. General lobbying and on draft legislation with regard to name, image, and likeness (NIL). S. 2026 Court Legal Access and Student Support Act (CLASS) Act. H.R. 3938 Court Legal Access and Student Support Act (CLASS) Act. H.R. 2688 Protecting Student Athletes Economic Freedom Act of 2025. H.R. 2663 Restore College Sports Act. H.R. 4312 SCORE Act. S.2932 Student Athlete Fairness and Enforcement Act. H.R.6350 - College Athletics Reform Act. H.R.5267 - American Franchise Act. H.R.2988 - Protecting Prudent Investment of Retirement Savings Act. H.R.5169 - Retire through Ownership Act. H.R.4624 - Muhammad Ali American Boxing Revival Act of 2026.

Client expense: $1,480,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

S. 4055/H.R. 1469, the Senior Security Act. S.4092, the No Crypto in Social Security Act. H.R. 6644, the ROAD to Housing Act. S. 2117/H.R. 1734, the Preventing Deep Fake Scams Act. S. 2840/H.R. 2478, the Financial Exploitation Prevention Act. S. 1467/H.R. 2808, the Homebuyers Privacy Protection Act. H.R. 2978, the GUARD Act. S. 4144/H.R. 306, the Ending Scam Credit Repair Act (ESCRA) Act. S.1773/H.R. 3469, the Tax Relief for Victims of Crimes, Scams, and Disasters Act. S. 2019/H.R. 4936, the Taskforce for Recognizing and Averting Payment Scams (TRAPS) Act. H.R. 3633, the Digital Asset Market Clarity Act. H.R. 6425, the National Strategy for Combating Scams Act. H.R. 7215, the Stop SCAMS Act. S.1877/H.R.2441, the Improving Disclosure for Investors Act. H.R.2988, the Protecting Prudent Investment of Retirement Savings Act. S. 1699, Artificial Intelligence Public Awareness and Education Campaign Act. No bill number. Discussed accredited investor issues. No bill number. Discussed fiduciary obligations. No bill number. Discussed investor protections. No bill number. Discussed veterans and scams. No bill number. Discussed Social Security and crypto investments.

Client expense: $3,830,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

DOL - 2026 Retirement Fiduciary Rule DOL- Proposed rule to open up 401(k) retirement plans to alternative assets H.R. 2988 Protecting Prudent Investment of Retirement Savings Act H.R. 6084, the ERISA Litigation Reform Act H.R.6424 Social Security Survivor Benefits Equity Act H.R.7828 Supplemental Security Income Restoration Act of 2026 HR 3289 and S. 4012 Fiscal Commission Act HR 34 Land And Social Security Optimization Act S. 2741 Surviving Widow(er) Income Fair Treatment S. 2763 Keep Billionaires Out of Social Security Act S. 3357 and HR 6424 Social Security Survivor Benefits Equity Act S. 3462 Safeguarding American Families and Expanding Social Security Act of 2025 S.4001 Supplemental Security Income Restoration Act of 2026

Client expense: $880,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE

S 3086, Restoring Integrity in Fiduciary Duty Act HR 2869, EBSA Investigations Transparency Act HR 2958, Balance the Scales Act HR 2988, Protecting Prudent Investment of Retirement Savings Act HR 6084, ERISA Litigation Reform Act EO on Democratizing Access to Alternative Assets for 401(k) Investors DOL proposed rule on "Fiduciary Duties in Selecting Designated Investment Alternatives"

Client expense: $1,290,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Treasury, Dept of

The IBEW lobbied on the Protecting Prudent Investment of Retirement Savings Act (H.R. 2988), Digital Asset Market Clarity Act of 2025 (H.R. 3633), the GENIUS Act (S. 1582), and monitored legislative proposals seeking to annuitize defined-contribution employer retirement plans, which could impact IBEW members' retirement investments.

Client expense: $157,860 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R.1013, S.424 Retirement Fairness for Charities and Educational Institutions Act of 2025: Allows 403(b) retirement plans to invest in Collective Investment Trust or Separate Accounts Insurance Products to establish investment parity with other defined contribution plans, like 401(k)s. H.R.2089 Generating Retirement Ownership through Long-Term Holding (GROWTH): The legislation provides that reinvested mutual fund dividends are not subject to capital gains taxation until the investor sells his or her shares. H.R.2163 No Penalties for Victims of Fraud Act: The bill ensures that victims of retirement account fraud are not subject to the 10% additional income tax on early retirement plan distributions. H.R.2696/ S.1526 - Retirement Savings for Americans Act This legislation establishes a federally run American Worker Retirement Plan for private-sector workers that do not have access to a workplace-based retirement plan. General Accounts Product Corrections Act: Would clarify fiduciary responsibilities for life insurance companies as it relates to investments in their general accounts. S. 400 the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act (paid family and medical leave) Issue: Reforming DOL's pension risk transfer bulletin, 95-1. Issue: Technical corrections on catch up contributions under SECURE 2.0 Issue: SEC market conduct rulemakings Issue: Fiduciary rulemaking H.R. 2082-WISH Act-- provide for long-term care insurance benefits H.R.2869 EBSA Investigations Transparency Act: This legislation requires the Department of Labors Employee Benefits Security Administration (EBSA) to submit annual reports to Congress on the status of its open employee plan audits and to explain why any audits open for more than 36 months have not been closed. H.R. 2988 Protecting Prudent Investment of Retirement Savings Act: This legislation clarifies the criteria for meeting the fiduciary duty of ERISA. S.1707 Helping Young Americans Save for Retirement Act: This legislation lowers the required minimum participation age in ERISA-covered retirement plans from age 21 to age 18. S.1831 Auto Reenroll Act of 2025: This legislation amends the qualified automatic contribution arrangement (QACA) safe harbor in the tax code for 401(k) plans to allow for automatic periodic reenrollment into the plan

Client expense: $290,000 · Firm income: Not reported

Government targets: Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

HR 2869, EBSA Investigations Transparency Act HR 2958, Balance the Scales Act HR 2988, Protecting Prudent Investment of Retirement Savings Act HR 5325, Unclaimed Retirement Rescue Plan HR 6084, ERISA Litigation Reform Act EO on Democratizing Access to Alternative Assets for 401(k) Investors

Client expense: $916,510 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE

H.R.4868 - College Athlete Economic Freedom Act. S.2470 - College Athlete Economic Freedom Act. General lobbying with regard to ending forced arbitration in employment claims. General lobbying and on draft legislation with regard to name, image, and likeness (NIL). S. 2026 Court Legal Access and Student Support Act (CLASS) Act. H.R. 3938 Court Legal Access and Student Support Act (CLASS) Act. H.R. 2688 Protecting Student Athletes Economic Freedom Act of 2025. H.R. 2663 Restore College Sports Act. H.R. 4312 SCORE Act. S.2932 Student Athlete Fairness and Enforcement Act. H.R.6350 - College Athletics Reform Act. H.R.5267 - American Franchise Act. H.R.2988 - Protecting Prudent Investment of Retirement Savings Act. H.R.5169 - Retire through Ownership Act.

Client expense: $1,770,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 2988, Protecting Prudent Investment of Retirement Savings Act, the entire bill

Client expense: $100,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

The IBEW lobbied on the Protecting Prudent Investment of Retirement Savings Act (H.R. 2988), Digital Asset Market Clarity Act of 2025 (H.R. 3633), the GENIUS Act (S. 1582), and monitored legislation proposals seeking to annuitize defined-contribution employer retirement plans which could impact IBEW members' retirement investments.

Client expense: $156,730 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R.2988, the Protecting Prudent Investment of Retirement Savings Act of 2025. H.R.2441, the Improving Disclosure for Investors Act of 2025. S.1877, the Improving Disclosure for Investors Act of 2025. H.R. 2478, the Financial Exploitation Prevention Act of 2025. H.R. 1734, the Preventing Deep Fake Scams Act of 2025. H.R. 4936/ S. 2019, the TRAPS Act of 2025. H.R. 2978, the GUARD Act of 2025. H.R. 1469, the Senior Security Act of 2025. H.R. 3469, the Tax Relief for Victims of Crimes, Scams, and Disasters Act of 2025. S. 1699Artificial Intelligence Public Awareness and Education Campaign Act of 2025. S.2840Financial Exploitation Prevention Act of 2025. No bill number. Discussed accredited investor issues. No bill number. Discussed fiduciary obligations. No bill number. Discussed investor protections.

Client expense: $5,300,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

1.H.R.1013, S.424 Retirement Fairness for Charities and Educational Institutions Act of 2025: Allows 403(b) retirement plans to invest in Collective Investment Trust or Separate Accounts Insurance Products to establish investment parity with other defined contribution plans, like 401(k)s. 2.H.R.2023, S.988 Womens Retirement Protection Act (WRPA): This legislation imposes spousal consent requirements on nearly all distributions from defined contribution plans. The bill also seeks to enhance financial literacy through grants to community-based organizations and offers grants to such organizations to help low-income women and survivors of domestic abuse obtain qualified domestic relations orders. 3.H.R.2067, S.928 Protecting Americans Retirement Savings Act (PARSA): This bill prohibits ERISA-covered retirement plans from making new investments in companies controlled by or based in countries considered to be foreign adversaries. Foreign adversaries include China, Iran, North Korea, and Russia. The bill also requires fiduciaries to disclose continuing investments in such entities and sanctioned firms. 4.H.R.2089 Generating Retirement Ownership through Long-Term Holding (GROWTH): The legislation provides that reinvested mutual fund dividends are not subject to capital gains taxation until the investor sells his or her shares. 5.H.R.2163 No Penalties for Victims of Fraud Act: The bill ensures that victims of retirement account fraud are not subject to the 10% additional income tax on early retirement plan distributions. 6.H.R.2544, S.1222 Financial Freedom Act of 2025: The legislation prohibits the Secretary of Labor from restricting the investments available in self-directed 401(k) brokerage windows. The bill also prohibits the DOL from preventing a fiduciary from selecting, any particular type of investment alternative, provided that a fiduciary provides the participant or beneficiary an opportunity to choose, from a broad range of investment alternatives, nor can the DOL require that any particular type of investment be either favored or disfavored, other than on the basis of the investments risk-return characteristics. 7.H.R.2696, S.1526 Retirement Savings for Americans Act (RSAA): This legislation establishes a federally run American Worker Retirement Plan for private-sector workers that do not have access to a workplace-based retirement plan. The bill also includes an enhanced federal matching contribution that only applies to lower income workers that participate in the federal plan. 8.H.R.2748 First Time Homeowner Savings Plan Act: This legislation increases the amount first-time homebuyers could pull from their retirement savings from the $10,000 set in the 1990s to $25,000 (indexed to inflation) without the 10% additional income tax on early retirement plan distributions to use as a down payment on their home. 9.H.R.2869 EBSA Investigations Transparency Act: This legislation requires the Department of Labors Employee Benefits Security Administration (EBSA) to submit annual reports to Congress on the status of its open employee plan audits and to explain why any audits open for more than 36 months have not been closed. 10.H.R.2958 Balance the Scales Act: This legislation requires the Department of Labors Employee Benefits Security Administration (EBSA) to report annually to Congress about its use of common interest agreements. 11.H.R.2988 Protecting Prudent Investment of Retirement Savings Act: This legislation amends ERISA to specify that a retirement plan fiduciary shall be considered acting solely in the interest of participants only if: 1) the investment does not subordinate the interest of participants in their retirement income or financial benefits under the plan to other objectives, including ESG objectives and 2) the fiduciary does not sacrifice investment returns or take on additional investment risks to promote goals unrelated to the plan. 12.H.R.4718, S.1707 Helping Young Americans Save for Retirement Act: This legislation lowers the required minimum participation age in ERISA-covered retirement plans from age 21 to age 18. 13.S.1831 Auto Reenroll Act of 2025: This legislation amends the qualified automatic contribution arrangement (QACA) safe harbor in the tax code for 401(k) plans to allow for automatic periodic reenrollment into the plan. 14.S.1840 Retirement Investment in Small Employers (RISE) Act: This legislation raises the floor for the existing $250 per-employee tax credit available to small businesses to create retirement plans, ensuring that all small businesses can receive a tax credit of at least $2,500. 15.S.2003 Strengthening Benefits Plans Act of 2025: This legislation permits surplus assets in a retiree health account to be used for other benefits, like active employee health benefits. The legislation also permits surplus assets in a defined benefit plan to be used to provide contributions to the employers defined contribution plan without terminating the defined benefit plan. 16.S.2210 Unlocking Benefits for Independent Workers Act: This legislation establishes a safe harbor under federal law for companies that would like to voluntarily provide independent workers with any benefit or protection commonly provided to full-time employees, such as retirement and health care benefits. 17.S.2217 Independent Retirement Fairness Act: This legislation relaxes the audit rules for pooled employer plans (PEPs) and allows companies to enroll their independent workers in PEPs and simplified employer pensions (SEPs) IRAs without triggering employee classification. 18.H.R.4548, S.2365 Small Nonprofit Retirement Security Act of 2025: This legislation makes the credit for small employer pension plan startup costs and the retirement auto-enrollment credit available to tax-exempt eligible small employers. 19.H.R.5325 Unclaimed Retirement Rescue Plan: This legislation directs the Department of Labor (DOL) to issue a regulation that would permit retirement plan fiduciaries to transfer unclaimed retirement distributions to State unclaimed property programs. 20.General Accounts Product Corrections Act: This proposed legislation clarifies fiduciary responsibilities for life insurance companies as it relates to investments in their general accounts. Income Security S. 2415 and H.R. 7107, the Long-Term Care Affordability Act: Would allow for tax free distributions from retirement accounts to fund LTC contracts. H.R. 133, Both provisions are in the larger bill. H.R.1185 - FAMILY Act. Issue: paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member. H.R.1940 - New Parents Act of 2019. Issue: paid family and medical leave H.R.2163 - To amend the Internal Revenue Code of 1986 to allow for tax-advantaged distributions from health savings accounts during family or medical leave, and for other purposes. Issue: paid family and medical leave S.463 - FAMILY Act. Issue: paid family and medical leave- paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member S.920 - New Parents Act of 2019. Issue: paid family and medical leave Discussion draft - CRADLE Act. Issue: paid family and medical leave - allows for a deferment of retirement benefits for paid leave benefits. Proposed FY 2020 Budget proposal on paid family and medical leave. Issue: paid family and medical leave H.R. 2694 - Pregnant Workers Fairness Act. Issue: paid family and medical leave. Concurrent Resolution on the Budget, FY2022, S.Con.Res.14. The budget resolution calls for the $3.5 trillion in long-term investments to be fully offset by a combination of new tax revenues, health care savings, and long-term economic growth. In addition, the agreement would prohibit new taxes on families making less than $400,000 per year, and on small businesses and family farms. Issue: Medicare/Dental (Expanding Medicare to include dental, vision, hearing benefits and lowering the eligibility age). H.R. 5376- Build Back Better Act This bill provides funding, establishes programs, and otherwise modifies provisions relating to a broad array of areas, including education, labor, child-care, health care, taxes, immigration, and the environment. Excepted Benefits on Supplemental Benefits-proposed tri-agency rule through HHS, Treasury and Labor. S.3680 - Paid Family and Medical Leave Tax Credit Extension and Enhancement Act Diversity and Inclusion H.R. 5084 - Improving Corporate Governance Through Diversity Act. Issue: diversity and inclusion. H.R. 5360 - Closing the Racial Wealth Gap Act. Issue: diversity and inclusion. H.R. 281 - Ensuring Diverse Leadership Act. Issue: diversity and inclusion. H.R. 7946 and S. 4464 - Federal Reserve Racial and Economic Equity Act. Issue: diversity and inclusion.

Client expense: $1,878,641 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Ceres participated in an Investor Voice Network Hill Day, meeting with Congressional offices to discuss key shareholder rights issues, including sharing concerns regarding a series of legislative proposals that would restrict the ability of institutional investors and fiduciaries to consider environmental, social, and governance (ESG) factors in investment decisions and proxy voting. Specifically, we opposed H.R. 2988 (Protecting Prudent Investment of Retirement Savings Act), which would codify a 2020 rule prohibiting ERISA fiduciaries from considering ESG factors, even when financially material. We also opposed H.R. 3402, which would impose duplicative and burdensome disclosure requirements on institutional investors regarding proxy voting, including alignment with proxy advisory firm recommendations. In addition, we opposed the following discussion drafts and bills amending the Securities Exchange Act of 1934: H.R. 4589 (Rep. Steil) - Requires proxy advisory firms to register with the SEC and meet extensive compliance, disclosure, and conflict-of-interest requirements. H.R. 4767 (Rep. Steil) - Includes provisions to impose liability on proxy advisory firms for material misstatements and failures to disclose information. H.R. 4662 (Rep. Wagner) - Requires the SEC to conduct recurring studies on shareholder proposals, proxy advisory firms, and the proxy process. H.R. [Draft] (Rep. Nunn) - Prohibits institutional investors from engaging in robovoting and outsourcing proxy voting decisions without independent analysis. We also opposed H.R. 4098 (Stopping Proxy Advisor Racketeering Act, Rep. Fitzgerald) which prohibits proxy advisory firms from providing voting advice if they have conflicts of interest, including consulting relationships with issuers. These proposals would increase compliance costs, reduce investment efficiency, and undermine fiduciary responsibility to act in the best interests of beneficiaries. Ceres advocated for maintaining the ability of investors to consider all financially relevant factors and to use efficient tools in fulfilling their fiduciary duties.

Client expense: $70,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

Ceres participated in an Investor Voice Network Hill Day, meeting with Congressional offices to discuss key shareholder rights issues, including sharing concerns regarding a series of legislative proposals that would restrict the ability of institutional investors and fiduciaries to consider environmental, social, and governance (ESG) factors in investment decisions and proxy voting. Specifically, we opposed H.R. 2988 (Protecting Prudent Investment of Retirement Savings Act), which would codify a 2020 rule prohibiting ERISA fiduciaries from considering ESG factors, even when financially material. We also opposed H.R. 3402, which would impose duplicative and burdensome disclosure requirements on institutional investors regarding proxy voting, including alignment with proxy advisory firm recommendations. In addition, we opposed the following discussion drafts and bills amending the Securities Exchange Act of 1934: H.R. 4589 (Rep. Steil) - Requires proxy advisory firms to register with the SEC and meet extensive compliance, disclosure, and conflict-of-interest requirements. H.R. 4767 (Rep. Steil) - Includes provisions to impose liability on proxy advisory firms for material misstatements and failures to disclose information. H.R. 4662 (Rep. Wagner) - Requires the SEC to conduct recurring studies on shareholder proposals, proxy advisory firms, and the proxy process. H.R. [Draft] (Rep. Nunn) - Prohibits institutional investors from engaging in robovoting and outsourcing proxy voting decisions without independent analysis. We also opposed H.R. 4098 (Stopping Proxy Advisor Racketeering Act, Rep. Fitzgerald) which prohibits proxy advisory firms from providing voting advice if they have conflicts of interest, including consulting relationships with issuers. These proposals would increase compliance costs, reduce investment efficiency, and undermine fiduciary responsibility to act in the best interests of beneficiaries. Ceres advocated for maintaining the ability of investors to consider all financially relevant factors and to use efficient tools in fulfilling their fiduciary duties.

Client expense: $70,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

1.H.R.1013, S.424 Retirement Fairness for Charities and Educational Institutions Act of 2025: Allows 403(b) retirement plans to invest in Collective Investment Trust or Separate Accounts Insurance Products to establish investment parity with other defined contribution plans, like 401(k)s. 2.H.R.2023, S.988 Womens Retirement Protection Act (WRPA): This legislation imposes spousal consent requirements on nearly all distributions from defined contribution plans. The bill also seeks to enhance financial literacy through grants to community-based organizations and offers grants to such organizations to help low-income women and survivors of domestic abuse obtain qualified domestic relations orders. 3.H.R.2067, S.928 Protecting Americans Retirement Savings Act (PARSA): This bill prohibits ERISA-covered retirement plans from making new investments in companies controlled by or based in countries considered to be foreign adversaries. Foreign adversaries include China, Iran, North Korea, and Russia. The bill also requires fiduciaries to disclose continuing investments in such entities and sanctioned firms. 4.H.R.2089 Generating Retirement Ownership through Long-Term Holding (GROWTH): The legislation provides that reinvested mutual fund dividends are not subject to capital gains taxation until the investor sells his or her shares. 5.H.R.2163 No Penalties for Victims of Fraud Act: The bill ensures that victims of retirement account fraud are not subject to the 10% additional income tax on early retirement plan distributions. 6.H.R.2544, S.1222 Financial Freedom Act of 2025: The legislation prohibits the Secretary of Labor from restricting the investments available in self-directed 401(k) brokerage windows. The bill also prohibits the DOL from preventing a fiduciary from selecting, any particular type of investment alternative, provided that a fiduciary provides the participant or beneficiary an opportunity to choose, from a broad range of investment alternatives, nor can the DOL require that any particular type of investment be either favored or disfavored, other than on the basis of the investments risk-return characteristics. 7.H.R.2696, S.1526 Retirement Savings for Americans Act (RSAA): This legislation establishes a federally run American Worker Retirement Plan for private-sector workers that do not have access to a workplace-based retirement plan. The bill also includes an enhanced federal matching contribution that only applies to lower income workers that participate in the federal plan. 8.H.R.2748 First Time Homeowner Savings Plan Act: This legislation increases the amount first-time homebuyers could pull from their retirement savings from the $10,000 set in the 1990s to $25,000 (indexed to inflation) without the 10% additional income tax on early retirement plan distributions to use as a down payment on their home. 9.H.R.2869 EBSA Investigations Transparency Act: This legislation requires the Department of Labors Employee Benefits Security Administration (EBSA) to submit annual reports to Congress on the status of its open employee plan audits and to explain why any audits open for more than 36 months have not been closed. 10.H.R.2958 Balance the Scales Act: This legislation requires the Department of Labors Employee Benefits Security Administration (EBSA) to report annually to Congress about its use of common interest agreements. 11.H.R.2988 Protecting Prudent Investment of Retirement Savings Act: This legislation amends ERISA to specify that a retirement plan fiduciary shall be considered acting solely in the interest of participants only if: 1) the investment does not subordinate the interest of participants in their retirement income or financial benefits under the plan to other objectives, including ESG objectives and 2) the fiduciary does not sacrifice investment returns or take on additional investment risks to promote goals unrelated to the plan. 12.H.R.4718, S.1707 Helping Young Americans Save for Retirement Act: This legislation lowers the required minimum participation age in ERISA-covered retirement plans from age 21 to age 18. 13.S.1831 Auto Reenroll Act of 2025: This legislation amends the qualified automatic contribution arrangement (QACA) safe harbor in the tax code for 401(k) plans to allow for automatic periodic reenrollment into the plan. 14.S.1840 Retirement Investment in Small Employers (RISE) Act: This legislation raises the floor for the existing $250 per-employee tax credit available to small businesses to create retirement plans, ensuring that all small businesses can receive a tax credit of at least $2,500. 15.S.2003 Strengthening Benefits Plans Act of 2025: This legislation permits surplus assets in a retiree health account to be used for other benefits, like active employee health benefits. The legislation also permits surplus assets in a defined benefit plan to be used to provide contributions to the employers defined contribution plan without terminating the defined benefit plan. 16.S.2210 Unlocking Benefits for Independent Workers Act: This legislation establishes a safe harbor under federal law for companies that would like to voluntarily provide independent workers with any benefit or protection commonly provided to full-time employees, such as retirement and health care benefits. 17.S.2217 Independent Retirement Fairness Act: This legislation relaxes the audit rules for pooled employer plans (PEPs) and allows companies to enroll their independent workers in PEPs and simplified employer pensions (SEPs) IRAs without triggering employee classification. 18.H.R.4548, S.2365 Small Nonprofit Retirement Security Act of 2025: This legislation makes the credit for small employer pension plan startup costs and the retirement auto-enrollment credit available to tax-exempt eligible small employers. 19.H.R.5325 Unclaimed Retirement Rescue Plan: This legislation directs the Department of Labor (DOL) to issue a regulation that would permit retirement plan fiduciaries to transfer unclaimed retirement distributions to State unclaimed property programs. 20.General Accounts Product Corrections Act: This proposed legislation clarifies fiduciary responsibilities for life insurance companies as it relates to investments in their general accounts. Income Security S. 2415 and H.R. 7107, the Long-Term Care Affordability Act: Would allow for tax free distributions from retirement accounts to fund LTC contracts. H.R. 133, Both provisions are in the larger bill. H.R.1185 - FAMILY Act. Issue: paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member. H.R.1940 - New Parents Act of 2019. Issue: paid family and medical leave H.R.2163 - To amend the Internal Revenue Code of 1986 to allow for tax-advantaged distributions from health savings accounts during family or medical leave, and for other purposes. Issue: paid family and medical leave S.463 - FAMILY Act. Issue: paid family and medical leave- paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member S.920 - New Parents Act of 2019. Issue: paid family and medical leave Discussion draft - CRADLE Act. Issue: paid family and medical leave - allows for a deferment of retirement benefits for paid leave benefits. Proposed FY 2020 Budget proposal on paid family and medical leave. Issue: paid family and medical leave H.R. 2694 - Pregnant Workers Fairness Act. Issue: paid family and medical leave. Concurrent Resolution on the Budget, FY2022, S.Con.Res.14. The budget resolution calls for the $3.5 trillion in long-term investments to be fully offset by a combination of new tax revenues, health care savings, and long-term economic growth. In addition, the agreement would prohibit new taxes on families making less than $400,000 per year, and on small businesses and family farms. Issue: Medicare/Dental (Expanding Medicare to include dental, vision, hearing benefits and lowering the eligibility age). H.R. 5376- Build Back Better Act This bill provides funding, establishes programs, and otherwise modifies provisions relating to a broad array of areas, including education, labor, child-care, health care, taxes, immigration, and the environment. Excepted Benefits on Supplemental Benefits-proposed tri-agency rule through HHS, Treasury and Labor. S.3680 - Paid Family and Medical Leave Tax Credit Extension and Enhancement Act Diversity and Inclusion H.R. 5084 - Improving Corporate Governance Through Diversity Act. Issue: diversity and inclusion. H.R. 5360 - Closing the Racial Wealth Gap Act. Issue: diversity and inclusion. H.R. 281 - Ensuring Diverse Leadership Act. Issue: diversity and inclusion. H.R. 7946 and S. 4464 - Federal Reserve Racial and Economic Equity Act. Issue: diversity and inclusion.

Client expense: $1,419,989 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

S 1582 GENIUS Act HR 3633 CLARITY Act H.R. 2988, the Protecting Prudent Investment of Retirement Savings Act S. 2217-The Independent Retirement Fairness Act S. 2403- Retire Through Ownership Act S. 1727- Employee Ownership Fairness Act of 2025 S.1728-Employees Ownership Representation Act of 2025 Americas Act

Client expense: $860,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

*H.R.1013, S.424 Retirement Fairness for Charities and Educational Institutions Act of 2025: Allows 403(b) retirement plans to invest in Collective Investment Trust or Separate Accounts Insurance Products to establish investment parity with other defined contribution plans, like 401(k)s. *H.R.2089 Generating Retirement Ownership through Long-Term Holding (GROWTH): The legislation provides that reinvested mutual fund dividends are not subject to capital gains taxation until the investor sells his or her shares. *H.R.2163 No Penalties for Victims of Fraud Act: The bill ensures that victims of retirement account fraud are not subject to the 10% additional income tax on early retirement plan distributions. *H.R.2696 This legislation establishes a federally run American Worker Retirement Plan for private-sector workers that do not have access to a workplace-based retirement plan. The bill also includes an enhanced federal matching contribution that only applies to lower income workers that participate in the federal plan. *General Accounts Product Corrections Act: Would clarify fiduciary responsibilities for life insurance companies as it relates to investments in their general accounts. *S. 400---the Paid Family and Medical Leave Tax Extension Act---Issue: paid family and medical leave *Issue: Reforming DOL's pension risk transfer bulletin, 95-1. *Issue: Technical corrections on catch up contributions under SECURE 2.0 Issue: SEC market conduct rulemakings *Issue: Fiduciary rulemaking *H.R. 2082-WISH Act-- provide for long-term care insurance benefits *H.R.2869 EBSA Investigations Transparency Act: This legislation requires the Department of Labors Employee Benefits Security Administration (EBSA) to submit annual reports to Congress on the status of its open employee plan audits and to explain why any audits open for more than 36 months have not been closed. *H.R. 2988 Protecting Prudent Investment of Retirement Savings Act: This legislation amends ERISA to specify that a retirement plan fiduciary shall be considered acting solely in the interest of participants only if: 1) the investment does not subordinate the interest of participants in their retirement income or financial benefits under the plan to other objectives, including ESG objectives and 2) the fiduciary does not sacrifice investment returns or take on additional investment risks to promote goals unrelated to the plan. *S.1707 Helping Young Americans Save for Retirement Act: This legislation lowers the required minimum participation age in ERISA-covered retirement plans from age 21 to age 18. *S.1831 Auto Reenroll Act of 2025: This legislation amends the qualified automatic contribution arrangement (QACA) safe harbor in the tax code for 401(k) plans to allow for automatic periodic reenrollment into the plan

Client expense: $380,000 · Firm income: Not reported

Government targets: Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R. 1013 - Retirement Fairness for Charities and Educational Institutions Act; entire bill H.R. 2089 - Generating Retirement Ownership through Long-Term Holding (GROWTH); entire bill H.R. 2544 - Financial Freedom Act; entire bill H.R. 2696 - Retirement Savings for Americans Act; entire bill H.R. 2958 - Balance the Scales Act; entire bill H.R. 2988 - Protecting Prudent Investment of Retirement Savings Act; entire bill H.R. 5284 - Claiming Age Clarity Act; entire bill S. 424 - Retirement Fairness for Charities and Educational Institutions Act; entire bill S. 1222 - Financial Freedom Act; entire bill S. 1526 - Retirement Savings for Americans Act (RSAA); entire bill S. 1707 - Helping Young Americans Save for Retirement Act; entire bill S. 1831 - Auto Re-enroll Act of 2025; entire bill S. 1839 - Generating Retirement Ownership through Long-Term Holding (GROWTH); entire bill S. 1840 - Retirement Investment in Small Employers (RISE) Act; entire bill S. 2217 - Independent Retirement Fairness Act; entire bill Not Yet Introduced: Excise taxes on Individual Retirement Accounts

Client expense: $320,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 2869, EBSA Investigations Transparency Act H.R. 2958, Balance the Scales Act H.R. 2988, Protecting Prudent Investment of Retirement Savings Act H.R. 5325, Unclaimed Retirement Rescue Plan Executive Order on Democratizing Access to Alternative Assets for 401(k) Investors ERISA litigation reform and pleading standards

Client expense: $1,450,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE

H.R. 2988, Protecting Prudent Investment of Retirement Savings Act (lobbied against)

Client expense: $150,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1 One Big Beautiful Bill Act Credit Card Competition Act H.R.2702 FIRM Act H.R. 940, the Fair Audits and Inspections for Regulators (FAIR) Exams Act H.R. 1900, the Bank Failure Prevention Act of 2025 H.R. 3230, the Financial Institution Regulatory Tailoring Enhancement Act "H.R. 3379, the Halting Uncertain Methods and Practices in Supervision (HUMPS) Act of 2025" "H.R. 3380, the Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2025" Bank capital rules PCAOB Office of Financial Research H.R. 2225 Access to Small Business Investor Act H.R. 3352 Helping Angels Lead Our Startups (HALOS) Act of 2025 H.R. 3301, a bill to amend the Securities Exchange Act of 1934 to specify certain registration statement contents for emerging growth companies, to permit issuers to file draft registration statements with the Securities and Exchange Commission for confidential review H.R. 3394, the Fair Investment Opportunities for Professional Experts Act H.R. 3381, the Encouraging Public Offerings Act of 2025 H.R. 3716 the Systemic Risk Authority Transparency Act H.R. 3672, the Securities Research Modification Act H.R. 3645, the Amendment for Crowdfunding Capital Enhancement and Small-business Support (ACCESS) Act H.R. 2835, the Small Bank Holding Company Relief Act H.R. 3323, Helping Startups Continue to Grow Act H.R. 3343, the Greenlighting Growth Act H.R. 3339, the Equal Opportunity for All Investors Act of 2025 H.R. 3348, the Accredited Investor Definition Review Act H.R. 2441, the Improving Disclosure for Investors Act of 2025 "H.R. 1013, the Retirement Fairness for Charities and Educational Institutions Act of 2025" H.R. 3383, the Increasing Investor Opportunities Act H.R. 1469, the Senior Security Act of 2025 H.R. 3357, the Enhancing Multi-Class Share Disclosures Act H.R. 3395, the Middle Market IPO Underwriting Cost Act "H.R. 3422, the Promoting Opportunities for Non-Traditional Capital Formation Act" private equity regulation private equity in health care Crypto Regulatory Legislation Big Tech Crypto/Blockchain investments digital assets regulation Central Bank Digital Currency Crypto Broker Tax Reporting Guidance Digital assets regulation (stablecoins; banking standards for crypto) H.R. 2392 STABLE Act (stablecoins) S. 1582 GENIUS Act (stablecoins) S. 710 Crypto ATM Fraud Prevention Act H. R. 1919 Anti-CBDC Surveillance State Act H.R. 3633, the CLARITY Act (crypto market regulation) H.R. 3573, Stop TRUMP in Crypto Act of 2025 H.R. 1712 Modern Emoluments and Malfeasance "Meme" Act "H.R.2982, the Fair Taxation of Digital Assets in Puerto Rico Act" Crypto and Government Ethics, Dislcosure, Constitutional issues PE and childcare H.R. 2988, Protecting Prudent Investment of Retirement Savings Act (lobbied against) "H.R. 3140, Stop Subsidizing Multimillion Dollar Corporate Bonuses Act" Insurance crisis consumer protections, supervision, and bailout policy NFIP policy discussion

Client expense: $150,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 2988, the Protecting Prudent Investment of Retirement Savings Act H.R. 3415 - Nurse Staffing Standards for Hospital Patient Safety and Quality Care Act H.R 2571 - Self-Insurance Protection Act H.R. 2528 - Association Health Plans Act H.R. 1 - One Big Beautiful Bill Act Repal of nursing home staffing regulation Workers Memorial Day NIOSH- in support of full agency and funding restoration HELP Committee Hearing on HHS, Secretary Robert F. Kennedy

Client expense: $1,020,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

*H.R.1013, S.424 Retirement Fairness for Charities and Educational Institutions Act of 2025: Allows 403(b) retirement plans to invest in Collective Investment Trust or Separate Accounts Insurance Products to establish investment parity with other defined contribution plans, like 401(k)s. *H.R.2089 Generating Retirement Ownership through Long-Term Holding (GROWTH): The legislation provides that reinvested mutual fund dividends are not subject to capital gains taxation until the investor sells his or her shares. *H.R.2163 No Penalties for Victims of Fraud Act: The bill ensures that victims of retirement account fraud are not subject to the 10% additional income tax on early retirement plan distributions. *H.R.2696 This legislation establishes a federally run American Worker Retirement Plan for private-sector workers that do not have access to a workplace-based retirement plan. The bill also includes an enhanced federal matching contribution that only applies to lower income workers that participate in the federal plan. *General Accounts Product Corrections Act: Would clarify fiduciary responsibilities for life insurance companies as it relates to investments in their general accounts. *S. 400---the Paid Family and Medical Leave Tax Extension Act---Issue: paid family and medical leave *Issue: Reforming DOL's pension risk transfer bulletin, 95-1. *Issue: Technical corrections on catch up contributions under SECURE 2.0 Issue: SEC market conduct rulemakings *Issue: Fiduciary rulemaking *H.R. 2082-WISH Act-- provide for long-term care insurance benefits *H.R.2869 EBSA Investigations Transparency Act: This legislation requires the Department of Labors Employee Benefits Security Administration (EBSA) to submit annual reports to Congress on the status of its open employee plan audits and to explain why any audits open for more than 36 months have not been closed. *H.R. 2988 Protecting Prudent Investment of Retirement Savings Act: This legislation amends ERISA to specify that a retirement plan fiduciary shall be considered acting solely in the interest of participants only if: 1) the investment does not subordinate the interest of participants in their retirement income or financial benefits under the plan to other objectives, including ESG objectives and 2) the fiduciary does not sacrifice investment returns or take on additional investment risks to promote goals unrelated to the plan. *S.1707 Helping Young Americans Save for Retirement Act: This legislation lowers the required minimum participation age in ERISA-covered retirement plans from age 21 to age 18. *S.1831 Auto Reenroll Act of 2025: This legislation amends the qualified automatic contribution arrangement (QACA) safe harbor in the tax code for 401(k) plans to allow for automatic periodic reenrollment into the plan

Client expense: $410,000 · Firm income: Not reported

Government targets: Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Retirement Security H.R.1013, S.424 Retirement Fairness for Charities and Educational Institutions Act of 2025: Allows 403(b) retirement plans to invest in Collective Investment Trust or Separate Accounts Insurance Products to establish investment parity with other defined contribution plans, like 401(k)s. 1.H.R.2023, S.988 Womens Retirement Protection Act (WRPA): This legislation imposes spousal consent requirements on nearly all distributions from defined contribution plans. The bill also seeks to enhance financial literacy through grants to community-based organizations and offers grants to such organizations to help low-income women and survivors of domestic abuse obtain qualified domestic relations orders. 2.H.R.2067, S.928 Protecting Americans Retirement Savings Act (PARSA): This bill prohibits ERISA-covered retirement plans from making new investments in companies controlled by or based in countries considered to be foreign adversaries. Foreign adversaries include China, Iran, North Korea, and Russia. The bill also requires fiduciaries to disclose continuing investments in such entities and sanctioned firms. 3.H.R.2089 Generating Retirement Ownership through Long-Term Holding (GROWTH): The legislation provides that reinvested mutual fund dividends are not subject to capital gains taxation until the investor sells his or her shares. 4.H.R.2163 No Penalties for Victims of Fraud Act: The bill ensures that victims of retirement account fraud are not subject to the 10% additional income tax on early retirement plan distributions. 5.H.R.2544, S.1222 Financial Freedom Act of 2025: The legislation prohibits the Secretary of Labor from restricting the investments available in self-directed 401(k) brokerage windows. The bill also prohibits the DOL from preventing a fiduciary from selecting, any particular type of investment alternative, provided that a fiduciary provides the participant or beneficiary an opportunity to choose, from a broad range of investment alternatives, nor can the DOL require that any particular type of investment be either favored or disfavored, other than on the basis of the investments risk-return characteristics. 6.H.R.2696, S.1526 Retirement Savings for Americans Act (RSAA): This legislation establishes a federally run American Worker Retirement Plan for private-sector workers that do not have access to a workplace-based retirement plan. The bill also includes an enhanced federal matching contribution that only applies to lower income workers that participate in the federal plan. 7.H.R.2748 First Time Homeowner Savings Plan Act: This legislation increases the amount first-time homebuyers could pull from their retirement savings from the $10,000 set in the 1990s to $25,000 (indexed to inflation) without the 10% additional income tax on early retirement plan distributions to use as a down payment on their home. 8.H.R.2869 EBSA Investigations Transparency Act: This legislation requires the Department of Labors Employee Benefits Security Administration (EBSA) to submit annual reports to Congress on the status of its open employee plan audits and to explain why any audits open for more than 36 months have not been closed. 9.H.R. 2958 Transparency for Secret Litigation Agreements Act: This legislation requires the Department of Labor to formalize and disclose situations in which it is providing adverse assistance which means assistance to plaintiffs lawyers suing ERISA benefit plan sponsors and fiduciaries. 10.H.R. 2988 Protecting Prudent Investment of Retirement Savings Act: This legislation amends ERISA to specify that a retirement plan fiduciary shall be considered acting solely in the interest of participants only if: 1) the investment does not subordinate the interest of participants in their retirement income or financial benefits under the plan to other objectives, including ESG objectives and 2) the fiduciary does not sacrifice investment returns or take on additional investment risks to promote goals unrelated to the plan. 11.S.1707 Helping Young Americans Save for Retirement Act: This legislation lowers the required minimum participation age in ERISA-covered retirement plans from age 21 to age 18. 12.S.1831 Auto Reenroll Act of 2025: This legislation amends the qualified automatic contribution arrangement (QACA) safe harbor in the tax code for 401(k) plans to allow for automatic periodic reenrollment into the plan. 13.S.1840 Retirement Investment in Small Employers (RISE) Act: This legislation raises the floor for the existing $250 per-employee tax credit available to small businesses to create retirement plans, ensuring that all small businesses can receive a tax credit of at least $2,500. 14.S.2210 Unlocking Benefits for Independent Workers Act: This legislation establishes a safe harbor under federal law for companies that would like to voluntarily provide independent workers with any benefit or protection commonly provided to full-time employees, such as retirement and health care benefits. 15.S.2217 Independent Retirement Fairness Act: This legislation relaxes the audit rules for pooled employer plans (PEPs) and allows companies to enroll their independent workers in PEPs and simplified employer pensions (SEPs) IRAs without triggering employee classification. 16.General Accounts Product Corrections Act: This proposed legislation clarifies fiduciary responsibilities for life insurance companies as it relates to investments in their general accounts. Income Security S. 2415 and H.R. 7107, the Long-Term Care Affordability Act: Would allow for tax free distributions from retirement accounts to fund LTC contracts. H.R. 133, Both provisions are in the larger bill. H.R.1185 - FAMILY Act. Issue: paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member. H.R.1940 - New Parents Act of 2019. Issue: paid family and medical leave H.R.2163 - To amend the Internal Revenue Code of 1986 to allow for tax-advantaged distributions from health savings accounts during family or medical leave, and for other purposes. Issue: paid family and medical leave S.463 - FAMILY Act. Issue: paid family and medical leave- paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member S.920 - New Parents Act of 2019. Issue: paid family and medical leave Discussion draft - CRADLE Act. Issue: paid family and medical leave - allows for a deferment of retirement benefits for paid leave benefits. Proposed FY 2020 Budget proposal on paid family and medical leave. Issue: paid family and medical leave H.R. 2694 - Pregnant Workers Fairness Act. Issue: paid family and medical leave. Concurrent Resolution on the Budget, FY2022, S.Con.Res.14. The budget resolution calls for the $3.5 trillion in long-term investments to be fully offset by a combination of new tax revenues, health care savings, and long-term economic growth. In addition, the agreement would prohibit new taxes on families making less than $400,000 per year, and on small businesses and family farms. Issue: Medicare/Dental (Expanding Medicare to include dental, vision, hearing benefits and lowering the eligibility age). H.R. 5376- Build Back Better Act This bill provides funding, establishes programs, and otherwise modifies provisions relating to a broad array of areas, including education, labor, child-care, health care, taxes, immigration, and the environment. Excepted Benefits on Supplemental Benefits-proposed tri-agency rule through HHS, Treasury and Labor. S.3680 - Paid Family and Medical Leave Tax Credit Extension and Enhancement Act Diversity and Inclusion H.R. 5084 - Improving Corporate Governance Through Diversity Act. Issue: diversity and inclusion. H.R. 5360 - Closing the Racial Wealth Gap Act. Issue: diversity and inclusion. H.R. 281 - Ensuring Diverse Leadership Act. Issue: diversity and inclusion. H.R. 7946 and S. 4464 - Federal Reserve Racial and Economic Equity Act. Issue: diversity and inclusion.

Client expense: $2,238,097 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1013 - Retirement Fairness for Charities and Educational Institutions Act; entire bill H.R. 2089 - Generating Retirement Ownership through Long-Term Holding (GROWTH); entire bill H.R. 2544 - Financial Freedom Act; entire bill H.R. 2696 - Retirement Savings for Americans Act; entire bill H.R. 2958 - Balance the Scales Act; entire bill H.R. 2988 - Protecting Prudent Investment of Retirement Savings Act; entire bill S. 424 - Retirement Fairness for Charities and Educational Institutions Act; entire bill S. 1222 - Financial Freedom Act; entire bill S. 1526 - Retirement Savings for Americans Act (RSAA); entire bill S. 1707 - Helping Young Americans Save for Retirement Act; entire bill S. 1839 - Generating Retirement Ownership through Long-Term Holding (GROWTH); entire bill S. 1840 - Retirement Investment in Small Employers (RISE) Act; entire bill S. 1831 - Auto Re-enroll Act of 2025; entire bill Not Yet Introduced: Excise taxes on Individual Retirement Accounts

Client expense: $230,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

The IBEW lobbied against H.R. 2988, which could negatively impact the investment of IBEW members' retirement investments.

Client expense: $157,010 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES

S. 928, Protecting Americans Retirement Savings Act S. 1707, Helping Young Americans Save for Retirement Act H.R. 2869, EBSA Investigations Transparency Act H.R. 2988, Protecting Prudent Investment of Retirement Savings Act DOL Guidance on Holding Cryptocurrency in 401(k) Plans ERISA litigation reform and pleading standards

Client expense: $1,280,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE

S.1831 - Auto Reenroll Act - This bill allows plan sponsors to automatically reenroll non-participating employees into their employer-sponsored retirement plans at least once every three years. S.1707 - Helping Young Americans Save Act - This bill lowers the age required for retirement plan eligibility to 18 (from 21). S.1728 - Employee Ownership Representation Act - This bill adds two representatives of ESOP organizations to the ERISA Advisory Council. S.1645 - American Ownership and Resilience Act - This bill proposes a new zero-subsidy investment facility within Commerce to provide loan guarantees for private investment funds focused on supporting employee ownership transitions at small and mid-size businesses. S.1840 - Retirement Investment in Small Employers Act - This bill would raise the minimum tax credit that small businesses with fewer than 10 employees can receive when establishing a retirement plan from a minimum threshold of $500 to $2,500. S. No Bill Number Assigned- Unlocking Benefits for Independent Workers Act - This bill would create a safe harbor under federal law for companies that would like to voluntarily provide access to benefits to contractors. S. No Bill Number Assigned - Independent Retirement Fairness Act - This bill would permit contractors to participate in retirement benefit plans like a single pension IRA and pooled employer plans, while insulating companies from being treated as an employer. H.R.2696 / S.1526 - Retirement Savings for Americans Act - This bill would create a federally-run defined contribution plan for private sector workers who lack access to or are ineligible for a workplace retirement plan from their employers. H.R.2988 - Protecting Prudent Investment of Retirement Savings Act - This bill requires retirement plan fiduciaries to prioritize maximizing returns rather than political or social impact via environmental, social, and governance factors.

Client expense: $414,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE