1. Short title This Act may be cited as the Retirees Sustainable Investment Policies Act of 2020 . 2. Findings The Congress finds the following: (1) Fiduciaries for retirement plans should— (A) incorporate all relevant factors, including environmental, social, and governance (hereinafter in this Act referred to as ESG ) factors, into investment analysis and decision-making processes, consistent with the investment time horizons of plan participants and beneficiaries; (B) encourage the adoption of best practices for ESG performance in the companies or other entities in which they invest; (C) consider plan participants’ and beneficiaries’ sustainability-related interests and preferences when making investment decisions; (D) consider the impact of plan investments on the stability and resilience of the financial system; and (E) disclose how they have implemented these commitments. (2) There is now incontrovertible evidence that ESG factors are financially material to investors and relevant to investment decisionmaking. 3. Purpose The purpose of this Act is to require retirement and welfare benefit plans that are covered by the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1001 et seq.), to adopt and implement policies in consideration of ESG factors when making investment decisions, because considering ESG factors is relevant to the fiduciary duty of prudence, as such factors help ensure investments’ long-term sustainability. 4. Amendments to the Employee Retirement Income Security Act of 1974 (a) Disclosure of sustainable investment policies Section 102 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1022 ) is amended in subsection (b), by inserting the sustainable investment policy of the plan (as established under section 402(b)(5)); after collective bargaining agreement