WASHINGTON, D.C. (WOWO) Indiana Senator Jim Banks introduced the Providing Complete Information to Retirement Investors Act on Thursday. The bill seeks to help workers make better-informed decisions about their retirement savings.

Under the legislation, retirement plans would be required to:

• Clearly explain the difference between professionally managed funds and self-directed investments.

• Inform participants about the risks associated with moving money into non-fiduciary investment options.

Supporters say the bill will protect workers from costly mistakes and ensure retirement plan participants have the information they need to make smart financial decisions.

The bill is now under review and awaits further discussion in the Senate.