1. Short title This Act may be cited as the Maximize Americans' Retirement Security Act . 2. Fiduciary duty regarding the consideration of certain factors in investment decisions for employee benefit plans (a) In general Subsection (a) of section 404 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1104 ) is amended by adding at the end the following new paragraph: (3) (A) The duties under paragraph (1) shall include the duty to select and maintain investments based, except as provided in subparagraph (B), solely on pecuniary factors. (B) Notwithstanding subparagraph (A), when choosing between or among investment alternatives that a fiduciary is unable to distinguish on the basis of pecuniary factors alone, the fiduciary may use non-pecuniary factors as the deciding factor in the selection or maintenance of an investment if the fiduciary furnishes to participants documentation on the following: (i) Why pecuniary factors were not sufficient to select or maintain the investment. (ii) How the investment compares to the alternative investments with regard to— (I) the composition of the investments of the plan with regard to diversification; (II) the liquidity and current return of the investments of the plan relative to the anticipated cash flow requirements of the plan