,,ii  #aac? ,,congress  #b;d ,session   
,h4 ,r4 #daic  ,,9 ,,! ,,s5ate ,,( ,,!  
,,unit$ ,,/ates  ,july #ae1             
#bjad,receiv$  ,,an ,,act  ,to am5d     
title #e1 ,unit$ ,/ates ,code1 to *ange 
! default inve/m5t fund "u ! ,?rift     
,sav+s ,plan1 & = o!r purposes4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,sm>t ,sav+s ,act4  #b4 ,?rift ,sav+s   
,plan default inve/m5t fund  7a7 ,9     
g5]al ,section #hdch7;c77#b7 ( title #e1
 ,unit$ ,/ates ,code1 is am5d$ to read z
 foll[s3  7#b7  7,a7 ,consi/5t ) !      
requirem5ts ( subp>agraph 7,b71 if an   
election has n be5 made ) respect to any
 sums available = inve/m5t 9 ! ,?rift   
,sav+s ,fund1 ! ,executive ,director    
%all inve/ su* sums 9 an age-appropriate
 t>get date asset allocation inve/m5t   
fund1 z det]m9$ by ! ,executive         
,director4 ,su* inve/m5t fund %all      
consi/ ( any ( ! funds describ$ 9       
subsection 7b74  7,b7 ,if an election   
has n be5 made by an eligible memb] "u  
section #hddj;e ) respect to any sums   

available = inve/m5t 9 su* memb]'s      
,?rift ,sav+s ,fund acc\nt1 ! ,executive
 ,director %all inve/ su* sums 9 !      
,gov]nm5t ,securities ,inve/m5t ,fund4  
4  7b7 ,ackn[l$gm5t ( risk ,section     
#hdci7;d7 ( title #e1 ,unit$ ,/ates     
,code1 is am5d$--  7#a7 by ins]t+ 7#a7  
be=e ,ea* employee2 &  7#b7 by add+ at !
 end ! foll[+ new p>agraph3  7#b7 ,prior
 to enrollm5t 9 ! ,?rift ,sav+s ,fund1  
or z soon z practicable !reaft]1 an     
individual :o is automatically enroll$  
pursuant to section #hdcb7;b77#b7 %all  
receive ! risk ackn[l$gm5t in=mation    
describ$ "u p>agraph 7#a74  4  7c7      
,te*nical & con=m+ am5dm5t ,section     
#hdgb7;g77#b7 ( title #e1 ,unit$ ,/ates 
,code1 is am5d$ by /rik+ requir$ by     
section #hdch ( ?is title to be inve/$ 9
 securities ( ! ,gov]nm5t & ins]t+ "u   
section #hdch7;c77#b77;,b74  7d7        
,guidance ,n lat] ?an #i mon?s aft] !   
date ( enactm5t ( ?is ,act1 ! ,executive
 ,director 7z t t]m is def9$ "u section 
#hdja7ac7 ( title #e1 ,unit$ ,/ates     

,code7 %all develop & issue guidance    
implem5t+ ! requirem5ts ( ?is ,act4  7e7
 ,effective date & application ,!       
am5dm5ts made by subsections 7a7 & 7b7  
%all--  7#a7 take effect on ! date t !  
,executive ,director issues guidance "u 
subsection 7d72 &  7#b7 apply to        
individuals enroll$ 9 ! ,?rift ,sav+s   
,plan on or aft] su* date4  #c4         
,cl>ification ( fiduci>y protections    
,section #hdgg7;e77#a77;,c77ii7 ( title 
#e1 ,unit$ ,/ates ,code1 is am5d$--     
7#a7 9 subclause 7,,ii7--  7,a7 by      
ins]t+ or b5efici>y aft] p>ticipant2 &  
7,b7 by ins]t+ or option aft] fund2 &   
7#b7 9 subclause 7,,iii7--  7,a7 by     
ins]t+ or b5efici>y aft] p>ticipant2 &  
7,b7 by ins]t+ or b5efici>ies' aft]     
p>ticipants'4  ,pass$ ! ,h\se (         
,repres5tatives ,july #ad1 #bjad4,k>5   
,l4 ,haas1,cl]k