; and (ii) in the case of such an investment option in which the investment objectives or goals or principal investment strategy of the investment option include, consider, or indicate the use of a non-pecuniary factor, such investment option is not selected or retained as, or included as a component of, a default investment under subsection (c)(5) (or any other default investment alternative). (D) Pecuniary factor defined For the purposes of this paragraph, the term pecuniary factor means a factor that a fiduciary prudently determines is expected to have a material effect on the risk or return of an investment based on appropriate investment horizons consistent with the plan's investment objectives and the funding policy established pursuant to section 402(b)(1). . (b) Effective date The amendments made by this section shall apply to actions taken by a fiduciary on or after the date that is 12 months after the date of enactment of this Act. 5. Study of State and local pension plans (a) Study The Comptroller General of the United States shall conduct a study on the potential impact of underfunded State and local pension plans on the Federal Government, including— (1) the extent to which such pension plans subordinate the pecuniary interests of participants and beneficiaries to environmental, social, governance, or other objectives