Retiree Protection Act of 1985

[AI summary unavailable — showing source text] Retiree Protection Act of 1985 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (IRC) to revise provisions relating to employee benefit plan fiduciary duties. Gives priority to maximization of investment returns in the description of employee benefit plan fiduciary duties. Requires employee benefit plan fiduciaries to avoid the selection, for the purpose, in whole or in part, of achieving or furthering any political, ideological, or social goal, of any investment or class of investments otherwise suitable for the plan's portfolio over any other suitable investment or class of investments if such selection would reasonably be expected to yield a financial return less than that which would reasonably be expected from the other investment or class of investments. Revises provisions relating to the granting of exemptions from prohibited transactions. Provides that such an exemption shall not by itself bar, or constitute a defense to, any civil or criminal action brought against any fiduciary under any other law of the United States. Prohibits the Secretary of Labor from granting any such exemption without an explicit determination, on t…