,,ii  #aac? ,,congress  #b;d ,session   
,s4 #aigi  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,janu>y #cj1 #bjad,mr4 
,h>k9 7= himself & ,mr4 ,br[n7 introduc$
 ! foll[+ bill2 :i* 0 read twice &      
ref]r$ to ! ,committee on ,heal?1       
,education1 ,labor1 & ,p5sions  ,a      
,,bill  ,to provide = ,,usa ,retirem5t  
,funds1 to re=m ! p5sion sy/em1 & = o!r 
purposes4  #a4 ,%ort title2 table (     
cont5ts  7a7 ,%ort title ,?is ,act may  
be cit$ z ! ,,usa ,retirem5t ,funds     
,act4  7b7 ,table ( cont5ts ,! table (  
cont5ts = ?is ,act is z foll[s3 ,sec4   
#a4 ,%ort title2 table ( cont5ts4,,title
 ,i--,,usa ,retirem5t funds,sec4 #aja4  
,automatic ,,usa ,retirem5t ,fund       
arrangem5ts4,sec4 #ajb4 ,e/abli%m5t (   
,,usa ,retirem5t ,funds4,sec4 #ajc4     
,commission on ,,usa ,retirem5t         
,funds4,sec4 #ajd4 ,limitation on       
employ] liability4,sec4 #aje4 ,en=cem5t 
& fraud prev5tion4,,title ,,ii--,def9$  
contribution plan reforms,subtitle      
,a--,sav+s enhancements,sec4 #bja4      

,pool$ employ] plans4,sec4 #bjb4 ,pool$ 
employ] & multiple employ] plan         
report+4,subtitle ,b--,p>ticipant       
,protections,sec4 #baa4 ,alt]native     
fiduci>y arrangem5ts to protect plan    
p>ticipants4,sec4 #bab4 ,rollov]        
protections4,subtitle ,c--,lifetime     
income,sec4 #bba4 ,lifetime income      
disclosure4,sec4 #bbb4 ,lifetime income 
safe h>bor4,sec4 #bbc4 ,default inve/m5t
 safe h>bor cl>ification4,sec4 #bbd4    
,adm9i/ration ( jo9t & survivor annuity 
requirem5ts4,,title ,,iii--,def9$ b5efit
 sy/em reforms,subtitle ,a--,def9$      
b5efit p5sion plan reforms,sec4 #cja4   
,hybrid plans4,sec4 #cjb4 ,cl>ification 
( ! normal retirem5t age4,sec4 #cjc4    
,moratorium on imposition ( %utd[n      
liability4,sec4 #cjd4 ,alt]native fund+ 
t>get atta9m5t p]c5tage det]m9$ )\t     
reg>d to r$uction = cr$it balances4,sec4
 #cje4 ,me?od = det]m9+ *anges = qu>t]ly
 contributions4,sec4 #cjf4 ,election to 
disc\nt contributions f f9al due        
date4,sec4 #cjg4 ,simplification (      

elections & notices4,sec4 #cjh4 ,improv$
 multiemploy] plan disclosure4,subtitle 
,b--,improvem5ts to ! p5sion insurance  
program,sec4 #caa4 ,modifications (     
te*nical *anges made by ! ,p5sion       
,protection ,act ( #bjjf to t]m9ation   
liability4,sec4 #cab4 ,paym5t ( lump sum
 di/ributions 9 bankruptcy4,sec4 #cac4  
,tru/ee%ip cl>ifications4,sec4 #cad4    
,recordkeep+ = t]m9at+ plans4,sec4 #cae4
 ,t]m9ation date 9 bankruptcy4,,title   
,,iv--,o!r sy/emic reforms,sec4 #dja4   
,plan audit quality improvem5t4,sec4    
#djb4 ,special rules relat+ to treatm5t 
( qualifi$ dome/ic relations ord]s4,sec4
 #djc4 ,correction to bond+             
requirem5t4,sec4 #djd4 ,retaliation     
protections4  ,i ,,usa ,retirem5t funds 
#aja4 ,automatic ,,usa ,retirem5t ,fund 
arrangem5ts  7a7 ,requirem5t ,to provide
 access ,ea* cov]$ employ] %all make    
available to ea* qualify+ employee = !  
cal5d> ye> an automatic ,,usa ,retirem5t
 ,fund arrangem5t4  7b7 ,cov]$ employ]  
,= purposes ( ?is title-- 7#a7 ,9 g5]al 

,except z o!rwise provid$ 9 ?is         
subsection & subsection 7c77#b71 ! t]m  
cov]$ employ] means1 ) respect to any   
cal5d> ye>1 an employ] :o does n ma9ta9 
a qualify+ plan or arrangem5t = any "p (
 su* ye>4  7#b7 ,qualify+ plan or       
arrangem5t  7,a7 ,9 g5]al ,! t]m        
qualify+ plan or arrangem5t means a plan
 or arrangem5t describ$ 9 section       
#bai7;g77#e7 ( ! ,int]nal ,rev5ue ,code 
( #aihf4  7,b7 ,exceptions ,su* t]m %all
 n include ! foll[+3 7i7 ,froz5 def9$   
b5efit plan ,a def9$ b5efit plan t _h no
 ongo+ accruals z ( ! fir/ day ( !      
prec$+ cal5d> ye>1 unless ! plan fail$  
to h accruals only because ( !          
application ( section #bjf ( ! ,employee
 ,retirem5t ,income ,security ,act 7#bi 
,u4,s4,c4 #ajef7 & section #dcf ( !     
,int]nal ,rev5ue ,code ( #aihf4  7ii7   
,def9$ contribution plan )\t lifetime   
income options ,a def9$ contribution    
plan t does n provide p>ticipants ) a   
di/ribution option t provides lifetime  
income4  7iii7 ,plans n meet+           

contribution requirem5ts ,a plan-- 7,i7 
:i* consi/s ( a ca% or def]r$ arrangem5t
 7z def9$ 9 section #dja7k7 ( su* ,code7
 ) respect to :i* ! employ] does n      
automatically enroll all eligible       
employees at contribution rates at or   
above ^? specifi$ 9 subsection 7d77#d72 
or  7,,ii7 = :i* ! only contributions   
are nonelective employ] contributions & 
) respect to :i* ! employ]'s annual     
contribution rate is n at or above !    
rates specifi$ 9 subsection 7d77#d74    
7#c7 ,exception = c]ta9 small & new     
employ]s  7,a7 ,9 g5]al ,! t]m cov]$    
employ] %all n include an employ] = a   
cal5d> ye> if ! employ]-- 7i7 did n     
employ dur+ ! prec$+ cal5d> ye> m ?an   
#aj employees :o ea* receiv$ at lea/    
#e1jjj ( comp5sation 7z def9$ 9 section 
#cdja7;a7 ( ! ,int]nal ,rev5ue ,code (  
#aihf7 f ! employ] = su* prec$+ cal5d>  
ye>2  7ii7 did n normally employ m ?an  
#aj employees on a typical bus9ess day  
dur+ ! prec$+ cal5d> ye>2 or  7iii7 0 n 
9 exi/5ce at all times dur+ ! cal5d> ye>

 & ! prec$+ cal5d> ye>4  7,b7 ,op]at+   
rules ,9 det]m9+ ! numb] ( employees =  
purposes ( subp>agraph 7,a7-- 7i7 rules 
consi/5t ) any rules applicable 9       
det]m9+ ! numb] ( employees = purposes (
 section #djh7p77#b77;,c7 & section     
#dihj;,b7d7 ( ! ,int]nal ,rev5ue ,code (
 #aihf %all apply2  7ii7 all memb]s ( ! 
same family 7)9 ! mean+ ( section       
#cah7;a77#a7 ( ! ,int]nal ,rev5ue ,code 
( #aihf7 %all be treat$ z #a individual2
 &  7iii7 any ref]5ce to an employ] %all
 include a ref]5ce to any pr$ecessor    
employ]4  7#d7 ,exception = gov]nm5ts & 
*ur*es ,! t]m cov]$ employ] %all n      
include-- 7,a7 a gov]nm5t or entity     
describ$ 9 section #dad7;d7 ( ! ,int]nal
 ,rev5ue ,code ( #aihf2 or  7,b7 a *ur* 
or a conv5tion or association ( *ur*es t
 is exempt f tax "u section #eja ( su*  
,code4  7#e7 ,aggregation rule ,a p]son 
treat$ z a s+le employ] "u subsection   
7a7 or 7b7 ( section #eb ( ! ,int]nal   
,rev5ue ,code ( #aihf or subsection 7m7 
or 7o7 ( section #dad ( su* ,code %all  

be treat$ z a s+le employ]4  7c7        
,qualify+ employee ,= purposes ( ?is    
title-- 7#a7 ,9 g5]al ,! t]m qualify+   
employee means any employee :o is n an  
exclud$ employee4  7#b7 ,plan sponsor's 
employees ,if-- 7,a7 an employ] ma9ta9s 
"o or m qualify+ plans or arrangem5ts   
describ$ 9 section #bai7;g77#e7 ( !     
,int]nal ,rev5ue ,code ( #aihf2 &  7,b7 
! employees ( a subsidi>y1 division1 or 
o!r bus9ess unit are g5]ally n eligible 
to p>ticipate 9 any su* qualify+ plan or
 arrangem5t1  = purposes ( ?is section1 
! employ] %all be treat$ z a cov]$      
employ] ) respect to su* employees 7o!r 
?an exclud$ employees71 & su* employees 
7o!r ?an exclud$ employees7 %all be     
treat$ z qualify+ employees = ! cal5d>  
ye>4  7#c7 ,exclud$ employees  7,a7 ,9  
g5]al ,! t]m exclud$ employee means an  
employee :o is an excludable employee & 
:o is 9 a class or category t ! employ] 
excludes f treatm5t z qualify+          
employees4  7,b7 ,excludable employee ,!
 t]m excludable employee means-- 7i7 an 

employee describ$ 9 section #daj7;b77#c7
 ( ! ,int]nal ,rev5ue ,code ( #aihf2    
7ii7 an employee :o has n atta9$ ! age (
 #ba be=e ! beg9n+ ( ! cal5d> ye>2      
7iii7 an employee :o has n complet$ at  
lea/ #c mon?s ( s]vice ) ! employ]2     
7iv7 9 ! case ( an employ] t ma9ta9s a  
qualify+ plan or arrangem5t :i* excludes
 employees :o h n satisfi$ ! m9imum age 
& s]vice requirem5ts = p>ticipation 9 ! 
plan1 an employee :o has n satisfi$ su* 
requirem5ts2  7v7 9 ! case ( an employ] 
t ma9ta9s an annuity contract 7includ+ a
 cu/odial acc\nt or retirem5t income    
acc\nt7 "u section #djc7;b7 ( ! ,int]nal
 ,rev5ue ,code ( #aihf1 an employee :o  
is p]mitt$ to be exclud$ f any sal>y    
r$uction arrangem5t "u ! contract       
pursuant to p>agraph 7#ab7 ( su* section
 #djc7;b72  7vi7 9 ! case ( an employ] t
 ma9ta9s an arrangem5t describ$ 9       
section #djh7p7 ( su* ,code1 an employee
 :o is n requir$ to be eligible to      
p>ticipate 9 ! arrangem5t "u p>agraph   
7#d7 ( su* section #djh7p72 &  7vii7 9 !

 case ( an employ] t ma9ta9s a simplifi$
 employee p5sion describ$ 9 section     
#djh7k7 ( su* ,code1 an employee :o is  
p]mitt$ to be exclud$ f p>ticipation "u 
p>agraph 7#b7 ( su* section #djh7k74    
7#d7 ,guidance ,! ,secret>y ( ,labor 79 
?is title ref]r$ to z ! ,secret>y7 %all 
issue regulations or o!r guidance to    
c>ry out ?is subsection1 includ+-- 7,a7 
guidel9es = det]m9+ ! classes or        
categories ( employees to be cov]$ by a 
,,usa ,retirem5t ,fund2  7,b7 guidel9es 
requir+ employ]s to specify !           
classification or categories ( employees
 7if any7 :o are exclud$ f ! ,,usa      
,retirem5t ,fund2 &  7,c7 rules to      
prev5t avoidance ( ! requirem5ts ( ?is  
section4  7d7 ,automatic ,,usa          
,retirem5t ,fund arrangem5t ,= purposes 
( ?is title-- 7#a7 ,9 g5]al ,! t]m      
automatic ,,usa ,retirem5t ,fund        
arrangem5t means an arrangem5t ( an     
employ] 7det]m9$ )\t reg>d to :e!r !    
employ] is requir$ to ma9ta9 !          
arrangem5t7-- 7,a7 t cov]s ea* qualify+ 

employee ( ! cov]$ employ] = ! cal5d>   
ye>2  7,b7 "u :i* a qualify+ employee-- 
7i7 may elect-- 7,i7 to contribute to an
 automatic ,,usa ,retirem5t ,fund by    
hav+ ! employ] deposit payroll d$uction 
am\nts or make o!r p]iodic direct       
deposits 7includ+ electronic paym5ts7 to
 ! ,fund2 or  7,,ii7 to h su* paym5ts   
paid to ! employee directly 9 ca%2  7ii7
 is treat$ z hav+ made ! election "u    
clause 7i77,i7 9 ! am\nt specifi$ 9     
p>agraph 7#d7 unless ! individual       
specifically elects n to h su*          
contributions made 7or specifically     
elects to h su* contributions made at a 
diff]5t p]c5tage or 9 a diff]5t am\nt72 
&  7iii7 n m ?an once p] cal5d> ye>1 may
 elect to modify ! selection ( ! ,,usa  
,retirem5t ,fund to :i* contributions   
are made = su* ye>2 &  7,c7 t meets !   
adm9i/rative requirem5ts ( p>agraph     
7#c71 includ+ ! notice requirem5t (     
p>agraph 7#c77;,c74  7#b7 ,automatic    
re-enrollm5t ,an employee's election n  
to contribute to a ,,usa ,retirem5t     

,fund 7or to h su* contributions made at
 a diff]5t p]c5tage or 9 a diff]5t am\nt
 f ^? specifi$ 9 p>agraph 7#d77 %all    
expire aft] #b ye>s4 ,aft] su* #b-ye>   
p]iod & abs5t a new election1 ! employee
 %all be treat$ z hav+ made ! election  
"u p>agraph 7#a77;,b77i77,i7 9 ! am\nt  
specifi$ 9 p>agraph 7#d74  7#c7         
,adm9i/rative requirem5ts  7,a7 ,paym5ts
 ,an employ] %all make ! paym5ts elect$ 
or treat$ z elect$ "u p>agraph 7#a77;,b7
 on or be=e-- 7i7 ! la/ day ( ! mon?    
foll[+ ! mon? 9 :i* ! comp5sation       
o!rwise w\ld h be5 payable to ! employee
 9 ca%2 or  7ii7 su* lat] date z !      
,secret>y may prescribe4  7,b7          
,t]m9ation ( employee p>ticipation      
,subject to a requirem5t = reasonable   
notice1 an employee may elect to t]m9ate
 p>ticipation 9 ! arrangem5t at any "t  
dur+ a cal5d> ye>4 ,! arrangem5t may    
provide t1 if an employee s t]m9ates    
p>ticipation1 ! employee may n elect to 
resume p>ticipation until ! beg9n+ ( !  
next cal5d> ye>4  7,c7 ,notice (        

election p]iod ,! employ] %all notify   
ea* employee eligible to p>ticipate = a 
ye> 9 a ,,usa ,retirem5t ,fund          
arrangem5t1 )9 a reasonable p]iod ( "t  
be=e ! #cj? day be=e ! beg9n+ ( su* ye> 
7&1 = ! fir/ ye> ! employee is s        
eligible1 ! #cj? day be=e ! fir/ day su*
 employee is s eligible71 (-- 7i7 !     
paym5ts t may be elect$ or treat$ z     
elect$ "u p>agraph 7#a77;,b72  7ii7 !   
opportunity to make ! election to       
t]m9ate p>ticipation 9 ! arrangem5t "u  
subp>agraph 7,b72  7iii7 ! opportunity  
to make ! election "u p>agraph          
7#a77;,b77ii7 to h contributions or     
pur*ases made at a diff]5t p]c5tage or 9
 a diff]5t am\nt2 &  7iv7 ! opportunity 
"u p>agraph 7#a77;,b77iii7 to modify !  
mann] 9 :i* su* am\nts are inve/$ = su* 
ye>4  7,d7 ,employees may *oose usa     
retirem5t fund ,! arrangem5t %all       
provide t a qualifi$ employee may elect 
to h contributions made to any ,,usa    
,retirem5t ,fund available to !         
employee4  7#d7 ,am\nt ( contributions &

 paym5ts ,! am\nt specifi$ 9 ?is        
p>agraph is-- 7,a7 #c p]c5t (           
comp5sation = ! cal5d> ye> beg9n+ on    
,janu>y #a1 #bjae2  7,b7 #d p]c5t (     
comp5sation = ! cal5d> ye> beg9n+ on    
,janu>y #a1 #bjaf2  7,c7 #e p]c5t (     
comp5sation = ! cal5d> ye> beg9n+ on    
,janu>y #a1 #bjag2 &  7,d7 #f p]c5t (   
comp5sation = cal5d> ye>s beg9n+ aft]   
,decemb] #ca1 #bjag4  7#e7 ,coord9ation 
) )hold+ ,! ,secret>y ( ! ,treasury %all
 modify ! )hold+ exemption c]tificate "u
 section #cdjb7;f7 ( ! ,int]nal ,rev5ue 
,code ( #aihf s t1 9 ! case ( any       
qualify+ employee cov]$ by a ,,usa      
,retirem5t ,fund arrangem5t1 any notice 
& election requirem5ts ) respect to !   
arrangem5t may be met ?r\gh ! use ( an  
atta*m5t to su* c]tificate or o!r       
modifications ( ! )hold+ exemption      
proc$ures4  7e7 ,deposits to ,,usa      
,retirem5t ,funds  7#a7 ,9 g5]al ,except
 z provid$ 9 p>agraph 7#b71 an employ]  
%all make all contributions on behalf ( 
employees to ! ,,usa ,retirem5t ,fund   

specifi$ by ! employee4  7#b7 ,,usa     
retirem5t funds o!r ?an ^? select$ by   
employee ,9 ! abs5ce ( an affirmative   
selection ( a ,,usa ,retirem5t ,fund by 
! employee1 contributions on behalf ( ! 
employee %all be made to ! ,,usa        
,retirem5t ,fund designat$ by ! employ]4
  7#c7 ,regulations ,! ,secret>y may    
issue su* regulations z are necess>y to 
c>ry out ?is subsection4  7f7           
,preemption ( conflict+ ,/ate laws ,!   
requirem5ts "u ?is section preempt any  
law ( a ,/ate t directly or indirectly  
prohibits or re/ricts ! e/abli%m5t or   
op]ation ( an automatic ,,usa ,retirem5t
 ,fund arrangem5t4 ,no?+ 9 ?is section  
%all be con/ru$ to impair or preempt any
 ,/ate law to ! ext5t su* ,/ate law     
provides a rem$y = ! failure to make    
payroll deposit paym5ts "u any su*      
automatic ,,usa ,retirem5t ,fund        
arrangem5t )9 ! p]iod requir$4  #ajb4   
,e/abli%m5t ( ,,usa ,retirem5t ,funds   
7a7 ,qualification z a ,,usa ,retirem5t 
,fund ,= purposes ( ?is title-- 7#a7 ,9 

g5]al ,! t]m ,,usa ,retirem5t ,fund     
means a fund = :i* ! ,secret>y has      
det]m9$ ! requirem5ts "u ?is title are  
met4  7#b7 ,reque/ = det]m9ation ,! bo>d
 ( tru/ees ( a program e/abli%$ =       
purposes ( be+ treat$ z a ,,usa         
,retirem5t ,fund "u ?is section %all1   
prior to beg9n+ op]ations1 submit to !  
,secret>y 7at su* "t & 9 su* mann] z !  
,secret>y may prescribe7 a reque/ = !   
,secret>y to make a det]m9ation z to    
:e!r ! plan meets ! requirem5ts ( ?is   
title = su* treatm5t4 ,su* reque/ %all  
include copies ( ! writt5 docum5ts      
e/abli%+ ! plan & su* o!r mat]ials z !  
,secret>y may reque/4 ,! ,secret>y %all 
make su* det]m9ation )9 #ahj days (     
receiv+ su* reque/4  7#c7 ,p]iodic      
review ,! ,secret>y %all e/abli% a      
process to p]iodically review ea* plan  
det]m9$ to be a ,,usa ,retirem5t ,fund  
"u p>agraph 7#a7 to ensure t ! plan     
cont9ues to meet ! requirem5ts ( ?is    
title4  7#d7 ,public li/ ( plans ,!     
,secret>y %all ma9ta9 a public li/ (    

plans det]m9$ by ! ,secret>y to qualify 
z ,,usa ,retirem5t ,funds4 ,su* li/ %all
 be po/$ to a publicly available        
,int]net website4  7b7 ,p>ticipation    
7#a7 ,eligibility ,an individual may    
p>ticipate 9 any ,,usa ,retirem5t ,fund 
= :i* su* individual meets ! eligibility
 requirem5ts1 individually or ?r\gh an  
arrangem5t e/abli%$ by an employ]4  7#b7
 ,p>ticipation 9 o!r plans ,an          
individual :o p>ticipates 9 a ,,usa     
,retirem5t ,fund %all n be preclud$ f   
p>ticipat+ 9 a plan or arrangem5t       
describ$ 9 section #bai7;g77#e7 ( !     
,int]nal ,rev5ue ,code ( #aihf4  7c7    
,gov]nance  7#a7 ,assets held 9 tru/2   
bo>d ( tru/ees ,= purposes ( ?is title--
 7,a7 ! assets ( ea* ,,usa ,retirem5t   
,fund %all be held 9 tru/1 &  7,b7 !    
,fund %all be gov]n$ by a bo>d ( tru/ees
 :i* %all consi/ ( at lea/ #c           
individuals :o-- 7i7 are indep5d5t (    
s]vice provid]s to ! ,fund2  7ii7 meet !
 qualification requirem5ts e/abli%$ "u  
?is section2 &  7iii7 are collectively  

able to adequately repres5t ! int]e/s ( 
active p>ticipants1 retirees1 &         
contribut+ employ]s4  7#b7 ,indep5d5ce  
requirem5t ,an individual is n indep5d5t
 ( ,fund s]vice provid]s = purposes (   
p>agraph 7#a77;,b77i7 if su*            
individual-- 7,a7 is an employee ( any  
,fund s]vice provid]2  7,b7 is a curr5t 
or =m] (fic] or director ( a significant
 ,fund s]vice provid]1 or is o!rwise    
affiliat$ ) su* a provid]2  7,c7 is a   
memb] ( ! imm$iate family ( any p]son :o
 is affiliat$ ) a significant ,fund     
s]vice provid]2  7,d7 d]ives m ?an #a   
p]c5t ( ! individual's annual income f a
 significant ,fund s]vice provid]2  7,e7
 d]ives m ?an #e p]c5t ( ! individual's 
annual income f any ,fund s]vice        
provid]2 or  7,f7 fails to meet meets   
su* o!r crit]ia z are specifi$ by !     
,secret>y to ensure ! indep5d5ce ( !    
bo>d ( directors4  7#c7 ,multiple       
tru/ee%ips ,no individual may s]ve on ! 
bo>d ( tru/ees ( m ?an #a ,,usa         
,retirem5t ,fund unless ! ,secret>y     

receives atte/ation f ! bo>d ( tru/ees (
 ea* applicable ,,usa ,retirem5t ,fund &
 ! individual t1 at ! "t ( appo9tm5t1   
!re is no reasonably =eseeable conflict 
betwe5 ! duties ( su* individual to !   
p>ticipants 9 ea* applicable ,,usa      
,retirem5t ,fund4 ,9 no case may an     
individual s]ve on ! bo>ds ( tru/ees ( m
 ?an #c ,,usa ,retirem5t ,funds4  7#d7  
,tru/ee qualifications ,ea* tru/ee ( a  
,,usa ,retirem5t ,fund %all atte/ t !   
tru/ee is kn[l$geable ( ! tru/ee's      
duties & responsibilities z a fiduci>y (
 a ,,usa ,retirem5t ,fund4 ,! ,secret>y 
may require by regulation su* o!r       
qualifications & docum5tation z may be  
necess>y to ensure t tru/ees are        
suitable & qualifi$4 ,su* requirem5ts   
may include ^? relat$ to education1     
tra9+1 & m9imum compet5cy /&>ds4  7#e7  
,tru/ee selection & removal  7,a7 ,9    
g5]al ,ea* bo>d ( tru/ees ( a ,,usa     
,retirem5t ,fund %all e/abli% writt5    
proc$ures reg>d+ ! appo9tm5t1 removal1 &
 replacem5t ( tru/ees on ! bo>d4 ,su*   

proc$ures %all-- 7i7 take effect aft]   
adoption by ! majority ( ! bo>d (       
tru/ees2  7ii7 be readily available to  
p>ticipants2  7iii7 provide p>ticipants 
) a reasonable opportunity to comm5t on1
 or p>ticipate 91 ! tru/ee selection    
process2 &  7iv7 provide = p]iodic      
election ( tru/ees4  7,b7 ,removal by ! 
secret>y ,! ,secret>y may require       
removal or susp5sion ( a tru/ee if !    
conduct ( ! tru/ee is fraudul5t or is   
caus+1 or c be reasonably expect$ to    
cause1 significant1 imm95t1 & irrep>able
 h>m to ! p>ticipants or b5efici>ies ( a
 ,,usa ,retirem5t ,fund4  7,c7 ,funds   
)\t qualifi$ tru/ees ,if a bo>d (       
tru/ees ( a ,,usa ,retirem5t ,fund has  
no memb]s meet+ ! crit]ia "u ?is        
subsection1 ! ,secret>y %all appo9t     
replacem5t tru/ees4  7#f7 ,tru/ee       
comp5sation ,tru/ees ( ! ,fund may be   
comp5sat$ at reasonable rates f ! ,fund1
 b only if su* comp5sation is paid 9    
accordance ) ! writt5 bo>d comp5sation  
policy adopt$ "u p>agraph 7#g77;,a77iv74

  7#g7 ,transp>5cy & p>ticipant         
democracy  7,a7 ,publicly available     
policies ,! bo>d ( tru/ees ( a ,,usa    
,retirem5t ,fund %all adopt & make      
available to p>ticipants & b5efici>ies  
(1 & employ]s contribut+ to1 ! ,,usa    
,retirem5t ,fund-- 7i7 a writt5 inve/m5t
 policy /atem5t2  7ii7 a writt5 lifetime
 income policy /atem5t2  7iii7 an annual
 p]=mance assessm5t ( ! bo>d ( tru/ees1 
includ+ an evaluation ( weaknesses ( !  
bo>d & a plan to address su* weaknesses2
  7iv7 a writt5 bo>d comp5sation policy 
t includes curr5t comp5sation levels &  
provides a reasonable opportunity =     
comm5t f p>ticipants1 b5efici>ies1 &    
employ]s2 &  7v7 a writt5 policy        
address+ conflicts ( int]e/s ) respect  
to tru/ees4  7,b7 ,p>ticipant input     
reg>d+ bo>d ( tru/ees  7i7 ,9 g5]al ,!  
bo>d ( tru/ees ( a ,,usa ,retirem5t     
,fund %all e/abli% proc$ures :]eby a    
p>ticipant or b5efici>y ( su* ,,usa     
,retirem5t ,fund may-- 7,i7 petition !  
bo>d ( tru/ees to remove a tru/ee or    

s]vice provid]2  7,,ii7 comm5t on !     
managem5t & adm9i/ration ( ! ,,usa      
,retirem5t ,fund2 &  7,,iii7 ) respect  
to a ,,usa ,retirem5t ,fund ) m ?an     
#bej1jjj1jjj ( assets1 vote to approve  
or disapprove ! comp5sation ( ! tru/ees 
at lea/ once e #c ye>s4  7ii7 ,effect ( 
vote ,if p>ticipants & b5efici>ies ( a  
,,usa ,retirem5t ,fund vote to          
disapprove ! comp5sation ( tru/ees "u   
clause 7i77,,iii7-- 7,i7 ! results ( su*
 vote %all n be b9d+ on ! bo>d (        
tru/ees2 &  7,,ii7 ! bo>d ( tru/ees %all
 notify ! ,secret>y ( ! results ( su*   
vote & provide an explanation ( :y !    
comp5sation is reasonable or anticipat$ 
*anges to ! comp5sation4  7#h7          
,liability insurance = tru/ees ,!       
tru/ees ( ea* ,,usa ,retirem5t ,fund    
%all h fiduci>y liability insurance ) a 
p]-claim limit equal to no less ?an !   
great] (-- 7,a7 #e p]c5t ( plan assets2 
or  7,b7 #a1jjj1jjj4  7#i7 ,tru/ee      
duties  7,a7 ,9 g5]al ,! tru/ees ( a    
,,usa ,retirem5t ,fund %all manage !    

,fund ) ! int5tion ( provid+ ea*        
p>ticipant ) a co/-effective /ream (    
income 9 retirem5t & r$uc+ b5efit level 
volatility 7p>ticul>ly = ^? approa*+    
retirem5t74  7,b7 ,applicability ( o!r  
requirem5ts ,ea* tru/ee ( a ,,usa       
,retirem5t ,fund %all be a fiduci>y     
subject to sections #djd7;a71 #djd7;b71 
#dje1 #djf1 & #djh ?r\gh #dac ( !       
,employee ,retirem5t ,income ,security  
,act ( #aigd ) respect to ! ,fund &     
p>ticipants & b5efici>ies ( ! ,fund4    
,ea* su* tru/ee %all be subject to !    
/&>ds & rem$ies ( su* sections & section
 #ejb ( su* ,act1 z if ! ,fund 7 an     
employee b5efit plan4  7d7 ,employ]     
contribution limitation  7#a7 ,9 g5]al  
,subject to p>agraph 7#b71 employ]s may1
 9 addition to contributions an employee
 elects 7or is treat$ z hav+ elect$7 to 
h made1 make a contribution ( up to     
#e1jjj p] ye> to a ,,usa ,retirem5t     
,fund on behalf ( ea* employee eligible 
to p>ticipate 9 a ,,usa ,retirem5t      
,fund1 provid$ su* contributions are    

made 9 a uni=m mann] 7z ! same doll>    
am\nt = ea* su* employee or ! same      
p]c5tage ( pay = ea* su* employee7 & are
 n int5d$ to b5efit solely highly       
comp5sat$ employees4  7#b7 ,annual      
index+ ( am\nt ,! doll> am\nt "u        
p>agraph 7#a7 %all be index$ annually = 
inflation4  7e7 ,b5efits 9 ! =m ( an    
annuity  7#a7 ,9 g5]al ,a ,,usa         
,retirem5t ,fund %all pay b5efits 9 ! =m
 ( an annuity 9 accordance ) p>agraph   
7#b74 ,! am\nt ( su* b5efits %all be    
dep5d5t on ! am\nt ( contributions made 
by ! p>ticipant1 ! exp]i5ce ( ! ,fund1 &
 ! =m ( di/ribution elect$ by !         
p>ticipant4 ,! am\nt ( an annuity may be
 adju/$ to reflect ! exp]i5ce ( ! ,fund 
z necess>y to protect ! f9ancial        
integrity ( ! ,fund1 except t annuity   
paym5ts = ^? 9 pay /atus %all n be r$uc$
 m ?an #e p]c5t p] ye> unless ! ,fund is
 fac$ ) a significant f9ancial h>d%ip & 
! ,secret>y has approv$ ! r$uction4     
7#b7 ,annuity ,a ,,usa ,retirem5t ,fund 
%all pay b5efits 9 accordance ) "o ( !  

foll[+3 7,a7 ,9 ! case ( a p>ticipant :o
 does n die be=e ! annuity />t+ date1 ! 
b5efit payable to su* p>ticipant %all be
 provid$ 9 ! =m ( a qualifi$ jo9t &     
survivor annuity 7z def9$ 9 section     
#bje7;d77#a7 ( ! ,employee ,retirem5t   
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #ajee7;d77#a7774  7,b7 ,9 !   
case ( a p>ticipant :o dies be=e !      
annuity />t+ date & :o has a surviv+    
sp\se1 a qualifi$ pr]etirem5t survivor  
annuity 7z def9$ 9 section #bje7;d77#b7 
( ! ,employee ,retirem5t ,income        
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#ajee7;d77#b777 %all be provid$ to !    
surviv+ sp\se ( su* p>ticipant4  7,c7 ,9
 lieu ( a qualifi$ jo9t & survivor      
annuity =m ( b5efit or ! qualifi$       
pr]etirem5t survivor annuity =m ( b5efit
 7or bo?71 a p>ticipant may elect to    
receive a di/ribution describ$ 9        
subsection 7f77#b7 if "o ( ! foll[+     
conditions are met3 7i7 7,i7 ,! sp\se ( 
! p>ticipant cons5ts 9 writ+ to !       
election4  7,,ii7 ,su* election         

designates a b5efici>y 7or =m ( b5efits7
 :i* may n be *ang$ )\t sp\sal cons5t   
7or ! cons5t ( ! sp\se expressly p]mits 
designations by ! p>ticipant )\t any    
requirem5t ( fur!r cons5t by ! sp\se74  
7,,iii7 ,! sp\se's cons5t ackn[l$ges !  
effect ( su* election & is witness$ by a
 plan repres5tative or a not>y public4  
7ii7 ,x is e/abli%$ to ! satisfaction ( 
a ,fund repres5tative t ! cons5t requir$
 "u subclause 7,i7 _c be obta9$ because 
!re is no sp\se1 because ! sp\se _c be  
locat$1 or because ( su* o!r            
circum/ances z ! ,secret>y may by       
regulations prescribe4  ,! cons5t ( a   
sp\se 7or e/abli%m5t t ! cons5t ( a     
sp\se _c be obta9$7 "u ?is subp>agraph  
%all be effective only ) respect to su* 
sp\se4  7#c7 ,comm5cem5t ( b5efit       
paym5ts ,a p>ticipant may elect ! "t to 
/>t receiv+ b5efit paym5ts f ! ,,usa    
,retirem5t ,fund1 except t a            
p>ticipant-- 7,a7 except z provid$ 9    
subsection 7f77#b77;,b71 may n elect to 
receive b5efit paym5ts be=e rea*+ ! age 

( #fj2 &  7,b7 mu/ beg9 receiv+ b5efit  
paym5ts be=e ! age ( #gb4  7#d7 ,notice 
,ea* ,fund %all provide to ea*          
p>ticipant1 )9 a reasonable p]iod ( "t  
be=e ! annuity />t+ date1 a writt5      
explanation sub/antially simil> to t    
requir$ by section #bje7;c77#c7 ( !     
,employee ,retirem5t ,income ,security  
,act ( #aigd  7#bi ,u4,s4,c4            
#ajee7;c77#c774  7#e7 ,assignm5t or     
ali5ation ( fund b5efits ,b5efits "u a  
,,usa ,retirem5t ,fund %all be subject  
to section #bjf7;d7 ( ! ,employee       
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajef7;d774  7f7   
,limits on )drawals & transf]s  7#a7    
,transf]s ,a p>ticipant may1 n m        
frequ5tly ?an once p] ye>1 transf] su*  
p>ticipant's b5efit to ano!r ,,usa      
,retirem5t ,fund4  7#b7 ,limits on      
di/ributions  7,a7 ,9 g5]al ,except z   
provid$ 9 subp>agraphs 7,b7 & 7,c71 a   
p>ticipant may n take a di/ribution o!r 
?an "o describ$ 9 subsection 7e77#b74   
7,b7 ,p>ticipants ag$ #ei & y\ng] ,a    

p>ticipant may be=e age #fj take a      
di/ribution ( a portion ( ! p>ticipant's
 b5efit if su* di/ribution does n to    
exce$ #e1ejj & is roll$ ov] to a        
qualify+ plan or arrangem5t describ$ 9  
section #bai7;g77#e7 ( ! ,int]nal       
,rev5ue ,code ( #aihf or an individual  
retirem5t plan4  7,c7 ,p>ticipants ag$  
#fj & old] ,a p>ticipant :o is #fj or   
old] b :o has n ent]$ pay /atus may     
elect "o "t to take a di/ribution ( !   
great] ( #aj1jjj or #ej p]c5t ( !       
p>ticipant's b5efit if ! p>ticipant     
demon/rates to ! satisfaction ( !       
tru/ees ( ! ,fund t ! p>ticipant has    
suffici5t retirem5t income ap>t f !     
,fund or is fac+ a sub/antial h>d%ip4   
7g7 ,me?ods = provid+ annuitiz$ b5efit  
paym5ts  7#a7 ,9 g5]al ,a ,,usa         
,retirem5t ,fund %all e/abli% & ma9ta9  
me*anisms = adequately secur+ ! paym5t (
 annuity b5efits f ! ,fund4 ,! ,fund    
%all include a writt5 description ( su* 
me*anisms 9 ! inve/m5t & lifetime income
 policy /atem5ts requir$ to be disclos$ 

to p>ticipants4  7#b7 ,specific goals ,!
 me*anisms describ$ 9 p>agraph 7#a7 %all
 ensure t-- 7,a7 ea* p>ticipant receives
 a /ream ( income = life2  7,b7 ea*     
p>ticipant & b5efici>y has an           
opportunity to be protect$ aga9/        
longevity risk2 &  7,c7 volatility 9    
b5efit levels is m9imiz$ = p>ticipants &
 b5efici>ies 9 pay /atus & ^? approa*+  
pay /atus4  7#c7 ,self-annuitization    
7,a7 ,9 g5]al ,not)/&+ any o!r provision
 ( law1 a ,,usa retirem5t ,fund may     
self-annuitize if ! ,fund meets su*     
requirem5ts z ! ,secret>y e/abli%es z   
necess>y to protect p>ticipants &       
b5efici>ies 9 consid]ation ( !          
recomm5dations ( ! ,commission "u       
section #ajc4  7,b7 ,duty to address    
em]g+ issues ,! ,secret>y %all1         
p]iodically & 9 accordance ) e/abli%$   
proc$ures1 update ! fund+ requirem5ts   
promulgat$ "u ?is p>agraph 9 response to
 *ang+ economic & bus9ess conditions to 
! ext5t necess>y to c>ry out ! purposes 
( ?is ,act1 tak+ into consid]ation !    

recomm5dations ( ! ,commission4  7h7    
,report+ & disclosure  7#a7 ,annual     
/atem5t ,! tru/ees ( a ,,usa ,retirem5t 
,fund %all provide ea* p>ticipant 9 !   
,fund an annual /atem5t (-- 7,a7 !      
e/imat$ am\nt ( ! mon?ly b5efit :i* !   
p>ticipant or b5efici>y is project$ to  
receive f ! ,,usa ,retirem5t ,fund1 9 ! 
=m ( ! default b5efit describ$ 9 ! plan 
9 accordance ) subsection 7e77#b72  7,b7
 an explanation1 writt5 9 a mann]       
calculat$ to be und]/ood by ! av]age    
plan p>ticipant1 t includes int]e/ &    
mortality assumptions us$ 9 calculat+ ! 
e/imate & a /atem5t t actual b5efits may
 be mat]ially diff]5t f su* e/imate2    
7,c7 a disclosure ( ,fund fees &        
p]=mance t is sub/antially simil> to !  
disclosures requir$ ( individual acc\nt 
plans "u ! ,employee ,retirem5t ,income 
,security ,act ( #aigd2  7,d7 any o!r   
disclosures1 includ+ project$ b5efit    
e/imates1 t ! bo>d ( tru/ees ( ! ,,usa  
,retirem5t ,fund det]m9es appropriate2 &
  7,e7 su* o!r disclosures z may be     

requir$ by ! ,secret>y4  7#b7 ,summ>y   
plan description ,! tru/ees ( a ,,usa   
,retirem5t ,fund %all provide           
p>ticipants a summ>y plan description 7z
 describ$ 9 section #ajb ( ! ,employee  
,retirem5t ,income ,security ,act 7#bi  
,u4,s4,c4 #ajbb77 z requir$ by section  
#ajd7;b7 ( ! ,employee ,retirem5t       
,income ,security ,act 7#bi ,u4,s4,c4   
#ajbd7;b774  7#c7 ,annual reports ,!    
tru/ees ( a ,,usa ,retirem5t ,fund %all 
file ) ! ,secret>y ( ,labor p]iodic     
reports 9 accordance ) regulations      
promulgat$ by ! ,secret>y4  7#d7        
,additional requirem5ts ,ea* ,,usa      
,retirem5t ,fund %all be subject to     
sections #ajf & #ajg ( ! ,employee      
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajbf1 #ajbg74     
#ajc4 ,commission on ,,usa ,retirem5t   
,funds  7a7 ,recognition ( private      
commission ,! ,secret>y %all-- 7#a7     
recognize an indep5d5t1 private         
commission1 to be kn[n z ! ,commission =
 ,,usa ,retirem5t ,funds ,fund+ 7ref]r$ 

to 9 ?is title z ! ,commission71 &  7#b7
 9 c>ry+ out ! ,secret>y's duties "u ?is
 title1 consid] ! recomm5dations ( su*  
,commission4  7b7 ,commission ,!        
,commission recogniz$ "u subsection 7a7 
%all meet ! foll[+ requirem5ts3 7#a7    
,memb]%ip  7,a7 ,composition ,!         
,commission %all be compos$ ( #i memb]s 
select$ by ! ,secret>y1 9 consultation )
 ! ,secret>y ( ! ,treasury1 ( :om no m  
?an #e may be f "o political p>ty4 ,!   
,secret>y %all designate "o memb] ( !   
,commission z ! ,*airman4 ,no p]son may 
be appo9t$ to ! ,commission if1 dur+ !  
#b-ye> p]iod prec$+ ! date ( appo9tm5t1 
su* p]son 0 a tru/ee ( a ,,usa          
,retirem5t ,fund4  7,b7 ,date ,!        
appo9tm5ts ( ! memb]s ( ! ,commission   
%all be made n lat] ?an #ij days aft] ! 
date ( enactm5t ( ?is ,act4  7,c7 ,p]iod
 ( appo9tm5t2 vacancies ,memb]s %all be 
appo9t$ = t]ms ( #b ye>s & may be       
appo9t$ = consecutive t]ms4 ,any vacancy
 9 ! ,commission %all n affect its p[]s1
 & %all be fill$ 9 ! same mann] z !     

orig9al appo9tm5t4  7#b7 ,majority vote 
,! ,commission may act by majority vote 
( its memb]s1 provid$ t at lea/ #g      
memb]s are pres5t4  7#c7 ,commission    
p]sonnel matt]s  7,a7 ,comp5sation (    
memb]s ,ea* memb] ( ! ,commission :o is 
n an (fic] or employee ( ! ,f$]al       
,gov]nm5t %all be comp5sat$ at a rate   
equal to ! daily equival5t ( ! annual   
rate ( basic pay prescrib$ = level ,,iv 
( ! ,executive ,s*$ule "u section #ecae 
( title #e1 ,unit$ ,/ates ,code1 = ea*  
day 7includ+ travel "t7 dur+ :i* su*    
memb] is engag$ 9 ! p]=mance ( ! duties 
( ! ,commission4 ,all memb]s ( !        
,commission :o are (fic]s or employees (
 ! ,unit$ ,/ates %all s]ve )\t          
comp5sation 9 addition to t receiv$ = _!
 s]vices z (fic]s or employees ( !      
,unit$ ,/ates4  7,b7 ,travel exp5ses ,! 
memb]s ( ! ,commission %all be all[$    
travel exp5ses1 includ+ p] diem 9 lieu (
 subsi/5ce1 at rates au?oriz$ =         
employees ( ag5cies "u sub*apt] ,i (    
*apt] #eg ( title #e1 ,unit$ ,/ates     

,code1 :ile away f _! homes or regul>   
places ( bus9ess 9 ! p]=mance ( s]vices 
= ! ,commission4  7,c7 ,/aff  7i7 ,9    
g5]al ,! ,*airman ( ! ,commission may1  
)\t reg>d to ! civil s]vice laws &      
regulations1 appo9t & t]m9ate an        
executive director & su* o!r additional 
p]sonnel z may be necess>y to enable !  
,commission to p]=m its duties4 ,!      
employm5t ( an executive director %all  
be subject to confirmation by !         
,commission4  7ii7 ,comp5sation ,!      
,*airman ( ! ,commission may fix !      
comp5sation ( ! executive director & o!r
 p]sonnel )\t reg>d to *apt] #ea &      
sub*apt] ,,iii ( *apt] #ec ( title #e1  
,unit$ ,/ates ,code1 relat+ to          
classification ( positions & ,g5]al     
,s*$ule pay rates1 except t ! rate ( pay
 = ! executive director & o!r p]sonnel  
may n exce$ ! rate payable = level ,v ( 
! ,executive ,s*$ule "u section #ecaf ( 
su* title4  7iii7 ,detail ( gov]nm5t    
employees ,any ,f$]al ,gov]nm5t employee
 may be detail$ to ! ,commission )\t    

reimbursem5t1 & su* detail %all be )\t  
int]ruption or loss ( civil s]vice /atus
 or privilege4  7iv7 ,procurem5t (      
tempor>y & int]mitt5t s]vices ,!        
,*airman ( ! ,commission may procure    
tempor>y & int]mitt5t s]vices "u section
 #caji7;b7 ( title #e1 ,unit$ ,/ates    
,code1 at rates = individuals :i* d n   
exce$ ! daily equival5t ( ! annual rate 
( basic pay prescrib$ = level ,v ( !    
,executive ,s*$ule "u section #ecaf (   
su* title4  7#d7 ,recomm5dations &      
regulations on fund+ & di/ribution      
requirem5ts  7,a7 ,9 g5]al ,aft] tak+   
into consid]ation ! recomm5dations ( !  
,commission & provid+ ! public notice & 
an opportunity = comm5t1 ! ,secret>y    
%all promulgate regulations ) respect to
 fund+ & di/ribution requirem5ts = ,,usa
 ,retirem5t ,funds1 z necess>y or       
appropriate 9 ! public int]e/ & = !     
protection ( p>ticipants & b5efici>ies1 
includ+ regulations describ$ 9          
subp>agraphs 7,b7 & 7,c74  7,b7         
,requirem5ts relat+ to annuity paym5ts  

made directly by a ,fund ,! regulations 
"u subp>agraph 7,a7 %all provide t 9 !  
case ( annuity paym5ts made directly by 
! ,fund-- 7i7 ! maximum annuity paym5t =
 a p>ticipant or b5efici>y %all be      
det]m9$ us+ ! mortality tables & int]e/ 
rates prescrib$ by ! ,secret>y "u       
subp>agraph 7,c7 at ! "t b5efits        
comm5ce2 &  7ii7 ! level ( b5efits paid 
may be adju/$ p]iodically 9 ord] to     
reflect ! mortality exp]i5ce & !        
inve/m5t exp]i5ce ( ! ,fund1 b only aft]
 ! ,fund has obta9$ a c]tification f a  
memb] ( ! ,am]ican ,academy ( ,actu>ies 
t ! adju/m5t is su/a9able = ! rema9+    
lifetime ( p>ticipants !n receiv+       
b5efits1 bas$ on ! mortality tables &   
int]e/ rates prescrib$ "u subp>agraph   
7,c7 by ! ,secret>y = t "t4  7,c7       
,mortality tables & int]e/ rates us$    
requirem5ts ,! regulations promulgat$ "u
 subp>agraph 7,a7 %all include ! foll[+3
 7i7 ,mortality ,tables  7,i7 ,9 g5]al  
,! ,secret>y %all prescribe mortality   
tables to be us$ 9 det]m9+ annuity      

paym5ts made directly by ! ,fund4 ,su*  
tables %all be bas$ on ! actual exp]i5ce
 ( insurance companies t issue gr\p     
annuities & project$ tr5ds 9 su*        
exp]i5ce4 ,9 prescrib+ su* tables1 !    
,secret>y %all take into acc\nt results 
( available indep5d5t /udies ( !        
mortality ( individuals receiv+         
annuities "u gr\p annuity contracts4    
7,,ii7 ,p]iodic revisions ( mortality   
tables ,! ,secret>y %all make revisions1
 to become effective z soon z           
practicable1 9 any mortality table 9    
effect to reflect m rec5t actual        
exp]i5ce ( insurance companies t issue  
gr\p annuities & project$ tr5ds 9 su*   
exp]i5ce4 ,9 revis+ su* tables1 !       
,secret>y %all take into acc\nt !       
results ( m rec5t available indep5d5t   
/udies ( ! mortality & project$ tr5ds ( 
individuals receiv+ annuities "u gr\p   
annuity contracts4  7ii7 ,int]e/ ,rates 
,! ,secret>y %all prescribe int]e/ rates
 to be us$ 9 det]m9+ annuity paym5ts    
made directly by ! ,fund4 ,su* rates    

%all be bas$ on ! yields on inve/m5t    
grade corporate bonds ) v>y+ maturities 
& t are 9 ! top #c quality levels       
available4 ,int]e/ rates %all be        
prescrib$ qu>t]ly or m frequ5tly1 z     
det]m9$ by ! ,secret>y4  7#e7 ,duty to  
address be/ practices ,! ,commission    
%all prep>e1 & p]iodically update1 a    
report t describes ! be/ practices = !  
gov]nance ( bo>ds ( tru/ees ( ,,usa     
,retirem5t ,funds1 includ+ bo>d ( tru/ee
 composition1 appo9tm5t proc$ures1 t]m  
l5g?1 t]m /agg]+1 tru/ee qualifications1
 delegation ( duties1 & p]=mance        
assessm5t proc$ures4  #ajd4 ,limitation 
on employ] liability ,section #djd ( !  
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #ajba et    
seq47 is am5d$ by add+ at ! end !       
foll[+3  7e7 ,an employ] %all n be a    
fiduci>y ) respect to ! selection1      
managem5t or adm9i/ration ( a ,,usa     
,retirem5t ,fund solely because su*     
employ] makes available su* ,fund ?r\gh 
an automatic ,,usa ,retirem5t ,fund     

arrangem5t4 ,not)/&+ ! prec$+ s5t5ce1   
employ]s p>ticipat+ 9 a ,,usa ,retirem5t
 ,fund %all be responsible = meet+ !    
enrollm5t requirem5ts & transmitt+      
contributions1 z requir$ "u ! ,,usa     
,retirem5t ,funds ,act4  4  #aje4       
,en=cem5t & fraud prev5tion  7a7 ,p5alty
 = failure ,to timely remit             
contributions to automatic ,,usa        
,retirem5t ,fund arrangem5ts  7#a7 ,9   
g5]al ,if an employ] is requir$ "u an   
automatic ,,usa ,retirem5t ,fund        
arrangem5t to deposit am\nts )held f an 
employee's comp5sation into a ,,usa     
,retirem5t ,fund b fails to d s )9 ! "t 
prescrib$ "u section #aja7;d77#c71 su*  
am\nts %all be treat$ z assets ( a ,,usa
 ,retirem5t ,fund4  7#b7 ,failure to    
provide access to payroll sav+s         
arrangem5ts  7,a7 ,g5]al rule ,a cov]$  
employ] :o fails to meet ! requirem5ts (
 section #aja7;a7 = a cal5d> ye> %all be
 subject to a civil money p5alty ( #ajj 
p] cal5d> ye> = ea* employee to :om su* 
failure relates4  7,b7 ,exceptions ,no  

civil money p5alty %all be impos$ "u ?is
 p>agraph = a failure to meet !         
requirem5ts "u section #aja7;a7-- 7i7   
dur+ a p]iod = :i* ! ,secret>y det]m9es 
t ! employ] subject to liability = !    
civil money p5alty did n "k t ! failure 
exi/$ & ex]cis$ reasonable dilig5ce to  
meet ! requirem5ts ( section #aja7;a72  
or  7ii7 7,i7 ! employ] subject to      
liability = ! civil money p5alty ex]cis$
 reasonable dilig5ce to meet !          
requirem5ts ( section #aja7;a72 &       
7,,ii7 ! employ] provides ! automatic   
,,usa ,retirem5t ,fund arrangem5t       
describ$ to ea* employee eligible to    
p>ticipate 9 ! arrangem5t by ! end ( !  
#ij-;day p]iod beg9n+ on ! fir/ date !  
employ] knew1 or ex]cis+ reasonable     
dilig5ce %\ld h kn[n1 t su* failure     
exi/$4  7,c7 ,waiv] by ! secret>y ,9 !  
case ( a failure to meet ! requirem5ts (
 section #aja7;a7 t is due to reasonable
 cause & n to willful neglect1 !        
,secret>y may1 9 ! sole discretion ( !  
,secret>y1 waive "p or all ( ! civil    

money p5alty impos$ "u ?is p>agraph to !
 ext5t t ! paym5t ( su* civil money     
p5alty w\ld be excessive or o!rwise     
inequitable relative to ! failure       
involv$4  7,d7 ,proc$ures = notice ,!   
,secret>y may prescribe & implem5t      
proc$ures = obta9+ confirmation t       
employ]s are 9 compliance ) subsection  
7a74 ,! ,secret>y1 9 ! discretion ( su* 
,secret>y1 may prescribe t !            
confirmation %all be obta9$ on an annual
 or less frequ5t basis1 & may use = ?is 
purpose ! annual report or qu>t]ly      
report = employm5t taxes1 or su* o!r    
means z ! ,secret>y may deem advisable4 
7b7 ,civil actions & en=cem5t  7#a7     
,adm9i/ration & en=cem5t ,"p #e ( title 
,i ( ! ,employee ,retirem5t ,income     
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#aacb et seq47 %all apply to a ,,usa    
,retirem5t ,fund z if a ,,usa ,retirem5t
 ,fund 7 an employee b5efit plan4  7#b7 
,am5dm5t ,section #ejb7;a7 ( ! ,employee
 ,retirem5t ,income ,security ,act (    
#aigd 7#bi ,u4,s4,c4 #aacb et seq47 is  

am5d$-- 7,a7 9 p>agraph 7#i71 by /rik+ 2
 or & ins]t+ 22  7,b7 9 p>agraph 7#aj71 
by /rik+ ! p]iod at ! end & ins]t+ 2 or2
 &  7,c7 by add+ at ! end ! foll[+3     
7#aa7 9 ! ev5t t an employ] fails to    
make timely contributions or paym5ts to 
a ,,usa ,retirem5t ,fund e/abli%$ "u    
title ,i ( ! ,,usa ,retirem5t ,funds    
,act1 by ! ,secret>y1 a p>ticipant1 a   
b5efici>y1 or a fiduci>y1 to compel an  
employ] to make su* contributions or    
paym5ts z if su* contributions or       
paym5ts 7 del9qu5t contributions or     
paym5ts "u section #eae or subsection   
7g77#b74  4  7#c7 ,non-preemption (     
c]ta9 ,/ate law ,no?+ 9 ?is section %all
 preempt ,/ate law ins(> z ,/ate law    
relates to ! en=cem5t ( an obligation to
 contribute to a ,,usa ,retirem5t ,fund4
  7c7 ,false /atem5ts  7#a7 ,9 g5]al ,no
 p]son1 9 connection ) a plan or o!r    
arrangem5t t is or purports to be a     
,,usa ,retirem5t ,fund1 %all make a     
false /atem5t or false repres5tation (  
fact1 kn[+ x to be false1 9 connection )

 ! m>ket+ or sale ( su* plan or         
arrangem5t1 to any employee1 any memb] (
 an employee organization1 any          
b5efici>y1 any employ]1 any employee    
organization1 ! ,secret>y1 or any ,/ate1
 or ! repres5tative or ag5t ( any su*   
p]son1 ,/ate1 or ! ,secret>y1 conc]n+-- 
7,a7 ! f9ancial condition or solv5cy (  
su* fund or arrangem5t2  7,b7 ! b5efits 
provid$ by su* fund or arrangem5t2  7,c7
 ! regulatory /atus ( su* fund or o!r   
arrangem5t "u any ,f$]al or ,/ate law   
gov]n+ collective b>ga9+1 labor         
managem5t relations1 or int]n union     
affairs2 or  7,d7 ! regulatory /atus (  
su* fund or o!r arrangem5t4  7#b7       
,p5alty ,any p]son :o violates ?is      
subsection %all1 ^u conviction1 be      
imprison$ n m ?an #aj ye>s or f9$ "u    
title #ah1 ,unit$ ,/ates ,code1 or bo?4 
7d7 ,cease & desi/ ord]s  7#a7 ,issuance
 ( ord] ,! ,secret>y may issue a cease &
 desi/ 7ex p>te7 ord] "u ?is title if ! 
,secret>y det]m9es t ! alleg$ conduct ( 
a fund purport+ to be a ,,usa ,retirem5t

 ,fund is fraudul5t1 or creates an      
imm$iate dang] to ! public safety or    
welf>e1 or is caus+ or c be reasonably  
expect$ to cause significant1 imm95t1 & 
irrep>able public injury4  7#b7 ,he>+s  
7,a7 ,9 g5]al ,a p]son :o is adv]sely   
affect$ by ! issuance ( a cease & desi/ 
ord] "u p>agraph 7#a7 may reque/ a he>+ 
by ! ,secret>y reg>d+ su* ord]4 ,!      
,secret>y may require t a he>+ "u ?is   
p>agraph1 includ+ all relat$ in=mation &
 evid5ce1 be conduct$ 9 a confid5tial   
mann]4  7,b7 ,burd5 ( pro( ,! burd5 (   
pro( 9 any he>+ conduct$ "u subp>agraph 
7,a7 %all be on ! p>ty reque/+ ! he>+ to
 %[ cause :y ! cease & desi/ ord] %\ld  
be set aside4  7,c7 ,det]m9ation ,bas$  
^u ! evid5ce pres5t$ at a he>+ "u       
subp>agraph 7,a71 ! ,secret>y may       
affirm1 modify1 or set aside ! cease &  
desi/ ord] at issue1 9 :ole or 9 "p4    
7#c7 ,regulations ,! ,secret>y may      
promulgate su* regulations or o!r       
guidance z may be necess>y or           
appropriate to c>ry out ?is subsection4 

,,ii ,def9$ contribution plan re=ms  ,a 
,sav+s enhancem5ts  #bja4 ,pool$ employ]
 plans  7a7 ,no common int]e/ requir$ = 
pool$ employ] plans ,section #c7b7 ( !  
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #ajjb7b77 is
 am5d$ by add+ at ! end ! foll[+3  7,c7 
,a pool$ employ] plan %all be treat$ z a
 s+le employee p5sion b5efit plan or    
s+le p5sion plan )\t reg>d to :e!r !    
p>ticipat+ employ]s %>e a common int]e/ 
o!r ?an p>ticipation 9 ! plan4  4  7b7  
,pool$ employ] plan & provid] def9$     
,section #c ( ! ,employee ,retirem5t    
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #ajjb7 is am5d$ by add+ at !  
end ! foll[+3  7#dc7 7,a7 ,! t]m pool$  
employ] plan means a p5sion plan 7)\t   
reg>d to :e!r any p>ticipat+ employ]s   
%>e a common int]e/ o!r ?an p>ticipation
 9 ! plan7 t is a s+le individual acc\nt
 plan e/abli%$ or ma9ta9$ = ! purpose ( 
provid+ b5efits to ! employees ( #b or m
 employ]s b only if-- 7i7 ! t]ms ( !    
plan designate a pool$ plan provid]1    

7ii7 "u ! plan ea* p>ticipat+ employ]   
reta9s fiduci>y responsibility =-- 7,i7 
! prud5t selection & monitor+ ( ! p]son 
designat$ z ! pool$ employ] plan provid]
 &1 if diff]5t f ! provid]1 ! p]son     
designat$ z ! plan's nam$ fiduci>y1 &   
7,,ii7 to ! ext5t n o!rwise delegat$ to 
ano!r fiduci>y1 ! inve/m5t & managem5t (
 t portion ( ! plan's assets            
attributable to ! employees ( t         
p>ticipat+ employ]1  7iii7 "u ! plan a  
p>ticipat+ employ] is n subject to      
unreasonable re/rictions1 fees1 or      
p5alties ) reg>d to ceas+ p>ticipation  
or o!rwise transf]r+ assets ( ! plan 9  
accordance ) section #dad7l7 ( !        
,int]nal ,rev5ue ,code ( #aihf1 &  7iv7 
! pool$ employ] plan provid] provides to
 p>ticipat+ employ]s any disclosures or 
o!r in=mation z ! ,secret>y may require4
  7,b7 ,! t]m pool$ employ] plan does n 
include-- 7i7 a multiemploy] plan1 or   
7ii7 a plan e/abli%$ be=e ,janu>y #a1   
#bjad1 or any successor !re(4  7#dd7    
7,a7 ,! t]m pool$ plan provid] means a  

p]son :o-- 7i7 is designat$ by ! t]ms ( 
a pool$ employ] plan z a pool$ plan     
provid]2  7ii7 regi/]s z a pool$ plan   
provid] ) ! ,secret>y & provides su* o!r
 id5tify+ in=mation to ! ,secret>y z !  
,secret>y may require2 &  7iii7 has su* 
educational or pr(essional              
qualifications z ! ,secret>y may        
require4  7,b7 ,! ,secret>y may p]=m    
exam9ations & inve/igations ( pool$ plan
 provid]s z may be necess>y to en=ce &  
c>ry out ! purposes ( ! ,act4  7,c7 ,=  
purposes ( ?is section1 ! foll[+ %all be
 treat$ z a s+le pool$ plan provid]3 7i7
 ,all corporations t provide s]vices to 
a plan & are memb]s ( a controll$ gr\p (
 corporations )9 ! mean+ ( section      
#aefc7;a7 ( ! ,int]nal ,rev5ue ,code (  
#aihf 7det]m9$ )\t reg>d to subsection  
7a77#d7 ( su* section #aefc74  7ii7 ,all
 p]sons treat$ z a s+le employ] "u      
section #baj7;d74  4  7c7 ,te*nical     
am5dm5t ,section #c ( su* ,act is am5d$ 
by /rik+ ! second p>agraph 7#da74  #bjb4
 ,pool$ employ] & multiple employ] plan 

report+  7a7 ,additional in=mation      
,section #ajc ( ! ,employee ,retirem5t  
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #ajbc7 is am5d$-- 7#a7 9      
subsection 7a77#a77;,b71 by /rik+       
applicable subsections 7d71 7e71 & 7f7 &
 ins]t+ applicable subsections 7d71 7e71
 7f71 & 7g72 &  7#b7 by add+ at ! end ! 
foll[+3  7g7 ,additional in=mation )    
respect to pool$ employ] & multiple     
employ] plans ,an annual report "u ?is  
section = a plan ye> %all include-- 7#a7
 ) respect to any pool$ employ] plan or 
o!r p5sion plan ma9ta9$ by m ?an "o     
employ] 7o!r ?an a multiemploy] plan71 a
 li/ ( p>ticipat+ employ]s & a good fai?
 e/imate ( ! p]c5tage ( ! total         
contributions made1 or expect$ to be    
made1 by ea* su* p>ticipat+ employ] = ! 
plan ye>1 &  7#b7 ) respect to a pool$  
employ] plan1 ! id5tify+ in=mation = !  
p]son designat$ "u ! t]ms ( ! plan z !  
pool$ plan provid]4  4  7b7 ,simplifi$  
annual reports ,section #ajd7;a7 ( !    
,employee ,retirem5t ,income ,security  

,act ( #aigd 7#bi ,u4,s4,c4 #ajbd7;a77  
is am5d$ by /rik+ p>agraph 7#b77;,a7 &  
ins]t+ ! foll[+3  7#b7 7,a7 ,) respect  
to annual reports requir$ to be fil$ ) !
 ,secret>y "u ?is "p1 ! ,secret>y may by
 regulation prescribe simplifi$ annual  
reports = any p5sion plan t-- 7i7 cov]s 
few] ?an #ajj p>ticipants1 or  7ii7 is a
 pool$ employ] plan 7z def9$ 9 section  
#c7dc77 t cov]s few] ?an #a1jjj         
p>ticipants b only if no s+le p>ticipat+
 employ] has m ?an #ajj p>ticipants     
cov]$ by ! plan4  4  7c7 ,effective date
 ,! am5dm5ts made by ?is section %all   
apply to annual reports = plan ye>s     
beg9n+ aft] ,decemb] #ca1 #bjad4  ,b    
,p>ticipant ,protections  #baa4         
,alt]native fiduci>y arrangem5ts to     
protect plan p>ticipants ,section #dje (
 ! ,employee ,retirem5t ,income         
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#aaje7 is am5d$ by add+ at ! end !      
foll[+3  7e7 ,small employ] plan        
alt]native fiduci>y arrangem5ts  7#a7 ,9
 g5]al ,a small employ] t is a plan     

sponsor ( an employee p5sion b5efit plan
 %all n be liable = a brea* ( fiduci>y  
responsibility ( a small employ] plan   
s]vice provid] ) respect to ! same plan 
if ! requirem5ts ( ! foll[+ subp>agraphs
 are met3 7,a7 ,small employ] plan      
sponsor requirem5ts ,! requirem5ts ( ?is
 subp>agraph are met if ! small employ] 
prud5tly selects & monitors ! small     
employ] plan nam$ fiduci>y4  7,b7 ,small
 employ] plan nam$ fiduci>y requirem5ts 
,! requirem5ts ( ?is subp>agraph are met
 if ! small employ] plan nam$ fiduci>y--
 7i7 engages a small employ] plan s]vice
 provid]  ) respect to ! employee p5sion
 b5efit plan2  7ii7 regi/]s z a small   
employ] plan nam$ fiduci>y ) ! ,secret>y
 9 accordance ) p>agraph 7#b77;,a72     
7iii7 has su* educational or pr(essional
 qualifications z ! ,secret>y may       
require2  7iv7 provides to employ]s     
disclosures or o!r in=mation z may be   
requir$ by ! ,secret>y by regulations to
 facilitate monitor+ ( ! nam$ fiduci>y2 
7v7 is bond$ 9 accordance ) section     

#dab2 &  7vi7 meets ! f9ancial          
responsibility requirem5ts ( p>agraph   
7#b77;,b74  7#b7 ,rules relat+ to nam$  
fiduci>y requirem5ts  7,a7 ,report+ by  
small employ] plan nam$ fiduci>y ,=     
purposes ( p>agraph 7#a77;,b77ii71 !    
small employ] plan nam$ fiduci>y %all   
file ! requir$ regi/ration ) !          
,secret>y-- 7i7 be=e ! date ^u :i* !    
safe h>bor provid$ 9 ?is subsection fir/
 applies to a small employ] plan sponsor
 & at su* o!r times z ! ,secret>y may   
prescribe by regulations1 &  7ii7 9 su* 
=m & mann]1 & conta9+ su* in=mation1 z !
 ,secret>y det]m9es necess>y or         
appropriate to c>ry out ! purposes ( ?is
 ,act4  7,b7 ,f9ancial responsibility   
requirem5ts ,= purposes ( p>agraph      
7#a77;,b77vi71 a small employ] plan nam$
 fiduci>y %all meet ! requirem5ts ( ?is 
subp>agraph if ! fiduci>y ei!r-- 7i7 has
 fiduci>y liability insurance ) a       
p]-claim limit equal to no less ?an--   
7,i7 ! great] ( #e p]c5t ( plan assets  
or #a1jjj1jjj2 or  7,,ii7 su* o!r am\nt 

z is det]m9$ by ! ,secret>y by          
regulation2 or  7ii7 is-- 7,i7 a bank1 z
 def9$ 9 section #bjb7;a77#b7 ( !       
,inve/m5t ,advis]s ,act ( #aidj1 t has !
 p[] to manage1 acquire1 or dispose (   
assets ( a plan1 & t has1 z ( ! la/ day 
( its mo/ rec5t fiscal ye>1 equity      
capital 9 excess ( #a1jjj1jjj2  7,,ii7 a
 sav+s & loan association1 ! acc\nts (  
:i* are insur$ by ! ,f$]al ,sav+s &     
,loan ,insurance ,corporation1 t has    
made application = & be5 grant$ tru/    
p[]s to manage1 acquire1 or dispose (   
assets ( a plan by a ,/ate or ,f$]al    
au?ority hav+ sup]vision ov] sav+s &    
loan associations1 & t has1 z ( ! la/   
day ( its mo/ rec5t fiscal ye>1 equity  
capital or net wor? 9 excess (          
#a1jjj1jjj2  7,,iii7 an insurance       
company t is subject to sup]vision &    
exam9ation by a ,/ate au?ority hav+     
sup]vision ov] insurance companies1 t is
 qualifi$ "u ! laws ( m ?an "o ,/ate to 
manage1 acquire1 or dispose ( assets ( a
 plan1 & t has1 z ( ! la/ day ( its mo/ 

rec5t fiscal ye>1 net wor? 9 excess (   
#a1jjj1jjj2 or  7,,iv7 an inve/m5t      
advis] regi/]$ "u ! ,inve/m5t ,advis]s  
,act ( #aidj t1 z ( ! la/ day ( its mo/ 
rec5t fiscal ye>1 has total cli5t assets
 "u its managem5t & control 9 excess (  
#he1jjj1jjj & %>ehold]s' or p>tn]s'     
equity 9 excess ( #a1jjj1jjj4  7,c7     
,adju/m5t ( am\nts ,! ,secret>y may by  
regulation adju/ ! doll> am\nts "u      
subp>agraph 7,b77ii74  7#c7             
,adm9i/rative summ>y cease & desi/ ord]s
 & summ>y seizure ord]s aga9/ small     
employ] plan nam$ fiduci>y  7,a7 ,9     
g5]al ,! ,secret>y may issue an ex p>te 
cease & desi/ ord] "u ?is title if !    
,secret>y-- 7i7 det]m9es t a small plan 
nam$ fiduci>y or small employ] plan     
s]vice provid] has n met ! requirem5ts  
"u p>agraph 7#a7 or 7#b72 or  7ii7 has  
reasonable cause to believe t ! nam$    
fiduci>y or s]vice provid] has engag$ 9 
or is ab\t to engage 9 conduct t is a   
violation ( ?is title or t ! ,secret>y  
det]m9es to be contr>y to accept$ /&>ds 

( plan op]ations t might result 9       
abnormal risk to ! plan or p>ticipants &
 b5efici>ies ( ! plan4  7,b7 ,he>+s  7i7
 ,9 g5]al ,a p]son t is adv]sely affect$
 by ! issuance ( a cease & desi/ ord] "u
 subp>agraph 7,a7 may reque/ a he>+ by !
 ,secret>y reg>d+ su* ord]4  7ii7       
,confid5tiality ,! ,secret>y may require
 t a he>+ "u ?is subp>agraph1 includ+   
all relat$ in=mation & evid5ce1 be      
conduct$ 9 a confid5tial mann]4  7iii7  
,burd5 ( pro( ,! burd5 ( pro( 9 any he>+
 conduct$ "u ?is subp>agraph %all be on 
! p>ty reque/+ ! he>+ to %[ cause :y !  
cease & desi/ ord] %\ld be set aside4   
7iv7 ,det]m9ation ,bas$ ^u ! evid5ce    
pres5t$ at a he>+ "u ?is subp>agraph1 ! 
,secret>y may affirm1 modify1 or set    
aside ! cease & desi/ ord]1 9 :ole or 9 
"p4  7,c7 ,seizure ,! ,secret>y may     
issue a summ>y seizure ord] "u ?is      
subtitle if ! ,secret>y det]m9es t a    
small employ] plan nam$ fiduci>y or     
small employ] plan s]vice provid] is 9 a
 f9ancially haz>d\s condition4  7,d7    

,regulations ,! ,secret>y may promulgate
 su* regulations or o!r guidance z may  
be necess>y or appropriate to c>ry out  
?is p>agraph4  7,e7 ,exception ,?is     
p>agraph %all n apply to any nam$       
fiduci>y t is n a nam$ fiduci>y "u      
p>agraph 7#a77;,a7 or small employ] plan
 s]vice provid] "u p>agraph             
7#a77;,b77i74  7,f7 ,sav+s clause ,!    
,secret>y's au?ority "u ?is p>agraph    
%all n be con/ru$ to limit ! ,secret>y's
 ability to ex]cise en=cem5t or         
inve/igatory au?ority "u any o!r        
provision ( ?is title4 ,! ,secret>y may1
 9 ! sole discretion ( ! ,secret>y1     
initiate c\rt proce$+s )\t us+ !        
proc$ures 9 ?is p>agraph4  7#d7         
,def9itions ,= purposes ( ?is           
subsection-- 7,a7 ,small employ]  7i7 ,9
 g5]al ,! t]m small employ] means1 )    
respect to any ye>1 an employ] t did n h
 m ?an #ej employees on any day dur+ !  
prec$+ ye>4  7ii7 #b-,ye> grace p]iod ,a
 small employ] t e/abli%es & ma9ta9s an 
employee p5sion b5efit plan = #a or m   

ye>s & t is n a small employ] = any     
subsequ5t ye> %all be treat$ z a small  
employ] = ! #b ye>s foll[+ ! la/ ye> !  
employ] 0 a small employ]4 ,if su*      
employ] is n a small employ] z describ$ 
9 ! prec$+ s5t5ce on acc\nt ( an        
acquisition1 disposition1 or simil>     
transaction involv+ a small employ]1 !  
prec$+ s5t5ce %all n apply4  7,b7 ,small
 employ] plan nam$ fiduci>y ,! t]m small
 employ] plan nam$ fiduci>y means !     
fiduci>y t is designat$ z ! small       
employ] plan nam$ fiduci>y 9 ! in/rum5t 
"u :i* an employee p5sion b5efit plan is
 ma9ta9$4  7,c7 ,small employ] plan     
s]vice provid] ,! t]m small employ] plan
 s]vice provid] means-- 7i7 an          
adm9i/rator 7z def9$ 9 section          
#c7af77;,a772  7ii7 a fiduci>y 7z def9$ 
9 section #c7ba77;,a772 or  7iii7 an    
inve/m5t manag] 7z def9$ 9 section      
#c7ch771  t is indep5d5t f ! small      
employ] plan nam$ fiduci>y4  4  #bab4   
,rollov] protections  7a7 ,s5se (       
congress ,x is ! s5se ( ,congress t a   

p]son may be provid+ inve/m5t advice )9 
! mean+ ( section #c7ba7 ( ! ,employee  
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajjb7ba77 :5 su*  
p]son advises a plan p>ticipant to take 
a p]missible plan di/ribution & su*     
di/ribution advice is comb9$ ) a        
recomm5dation z to h[ ! di/ribution %\ld
 be inve/$4  7b7 ,guidance ,n lat] ?an  
#ij days aft] ! date ( enactm5t ( ?is   
,act1 ! ,secret>y ( ,labor %all issue   
guidance consi/5t ) subsection 7a7      
cl>ify+ ! applicability ( section #c7ba7
 ( ! ,employee ,retirem5t ,income       
,security ,act ( #aigd to inve/m5t      
advice provid$ 9 connection )           
di/ribution recomm5dations4  7c7        
,fiduci>y & prohibit$ transaction       
aw>5ess ,! ,comptroll] ,g5]al ( ! ,unit$
 ,/ates %all /udy ! ext5t to :i*        
advisors1 brok]-deal]s1 & o!r f9ancial  
pr(essionals deal+ ) individual &       
employ]-provid$ retirem5t plans are aw>e
 (1 & receive ongo+ tra9+ reg>d+1 !     
requirem5ts ( "p #d ( subtitle ,b (     

title ,i ( ! ,employee ,retirem5t       
,income ,security ,act 7#bi ,u4,s4,c4   
#aaja et seq47 & section #dige ( !      
,int]nal ,rev5ue ,code ( #aihf4 ,!      
,comptroll] ,g5]al %all submit a report 
to ! ,committee on ,heal?1 ,education1  
,labor1 & ,p5sions ( ! ,s5ate & !       
,committee on ,education & ! ,work=ce ( 
! ,h\se ( ,repres5tatives summ>iz+ its  
f9d+s & includ+ recomm5dations reg>d+   
ways to improve aw>5ess ( & compliance )
 ! fiduci>y & prohibit$ transaction     
rules4  ,c ,lifetime income  #bba4      
,lifetime income disclosure  7a7        
,requirem5ts ,to provide p5sion b5efit  
/atem5ts ,section #aje7;a77#b77;,b7 ( ! 
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4             
#ajbe7;a77#b77;,b77 is am5d$-- 7#a7 9   
clause 7i71 by /rik+ & at ! end2  7#b7 9
 clause 7ii71 by /rik+ ! p]iod at ! end 
& ins]t+ 1 &2 &  7#c7 by add+ at ! end !
 foll[+3  7iii7 an illu/ration ( !      
p>ticipant's b5efit z an e/imat$        
lifetime income /ream beg9n+ at         

retirem5t det]m9$ 9 accordance )        
assumptions & requirem5ts e/abli%$ by   
regulation4  4  7b7 ,limitation on      
liability ,section #djd ( ! ,employee   
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #aajd71 z am5d$ by 
section #aje1 is am5d$ by add+ at ! end 
! foll[+3  7f7 ,limitation on liability 
,no plan fiduci>y1 plan sponsor1 or o!r 
p]son %all h any liability "u ?is title 
solely by reason ( provid+ an           
illu/ration z requir$ "u section        
#aje7;a77#b77;,b77iii74  4  7c7         
,regulations ,n lat] ?an #a ye> aft] !  
date ( ! enactm5t ( ?is ,act1 !         
,secret>y ( ,labor %all issue           
regulations implem5t+ ! am5dm5ts made by
 subsections 7a7 & 7b74  7d7            
,cl>ification ,! requirem5t "u section  
#aje7;a77#b77;,b77iii7 ( ! ,employee    
,retirem5t ,income ,security ,act (     
#aigd1 z add$ by subsection 7a77#c71    
%all apply to p5sion b5efit /atem5ts    
furni%$ m ?an #a ye> aft] ! issuance ( !
 f9al rules implem5t+ section           

#aje7;a77#b77;,b77iii7 ( su* ,act4      
#bbb4 ,lifetime income safe h>bor       
,section #djd ( ! ,employee ,retirem5t  
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #aajd71 z am5d$ by sections   
#aje & #bba7;b71 is am5d$ by add+ at !  
end ! foll[+3  7g7 ,safe h>bor = annuity
 selection  7#a7 ,9 g5]al ,) respect to 
! selection ( a lifetime retirem5t      
income contract z "p ( an individual    
acc\nt plan1 a fiduci>y w be deem$ to   
satisfy ! requirem5ts ( subsection      
7a77#a77;,b7 ) respect to ! selection ( 
an insur] & lifetime retirem5t income   
contract if ! fiduci>y engages 9 an     
objective1 ?or\gh1 & analytical se>* = !
 purpose ( id5tify+ insur]s f :i* to    
pur*ase lifetime retirem5t income       
contracts & appropriately concludes t-- 
7,a7 at ! "t ( ! selection1 ! insur] is 
f9ancially capable ( satisfy+ its       
obligations "u ! lifetime income        
contract2 &  7,b7 ! co/ 7includ+ fees1  
surr5d] p5alties1 & commissions7 ( !    
select$ lifetime retirem5t income       

contract is reasonable 9 relation to !  
b5efits & product features ( ! contract 
& ! adm9i/rative s]vices to be provid$  
"u su* contract4  7#b7 ,fiduci>ies ,a   
fiduci>y meets ! requirem5ts ( p>agraph 
7#a77;,a7 if ! fiduci>y meets all ( !   
foll[+ conditions3 7,a7 ,! fiduci>y     
obta9s writt5 repres5tations f ! insur] 
t-- 7i7 ! insur] is lic5s$ to (f]       
lifetime retirem5t income contracts2    
7ii7 ! insur]1 at ! "t ( selection & =  
ea* ( ! imm$iately prec$+ #aj ye>s--    
7,i7 op]ates "u a c]tificate ( au?ority 
f ! ,insurance ,commission] ( its       
domicili>y /ate t has n be5 revok$ or   
susp5d$2  7,,ii7 has fil$ f9ancial      
/atem5ts 9 accordance ) ! laws ( its    
domicili>y /ate "u applicable /atutory  
acc\nt+ pr9ciples2  7,,iii7 ma9ta9s     
res]ves t satisfy all ! /atutory        
requirem5ts ( all ,/ates :]e ! insur]   
does bus9ess2 &  7,,iv7 is n op]at+ "u  
an ord] ( sup]vision1 rehabilitation1 or
 liquidation2  7iii7 ! insur] und]goes1 
at lea/ e #e ye>s1 a f9ancial exam9ation

 7)9 ! mean+ ( ! law ( ! ,/ate 9 :i* !  
insur] is domicil$7 by ! insurance      
commission] ( ! domicili>y ,/ate 7or any
 repres5tative1 designee1 or o!r p>ty   
approv$ !reby72  7iv7 if1 foll[+ !      
issuance ( ! repres5tations describ$ 9  
clauses 7i7 ?r\gh 7iii71 !re is any     
*ange t w\ld preclude ! insur] f mak+   
su* repres5tations at ! "t ( issuance ( 
! lifetime retirem5t income contract1 ! 
insur] w in=m ! fiduci>y t ! fiduci>y c 
no long] rely on "o or m ( !            
repres5tations2 &  7v7 meet su* o!r     
requirem5ts specifi$ by ! ,secret>y by  
regulation4  7,b7 ,! fiduci>y has n     
receiv$ ! notification describ$ 9 clause
 7iv7 ( subp>agraph 7,a7 & has no o!r   
facts t w\ld cause ! fiduci>y to "q !   
repres5tations describ$ 9 clauses 7i7   
?r\gh 7iii7 ( subp>agraph 7,a74  7,c7 ,!
 fiduci>y inquires ab\t additional      
protections t might be available ?r\gh a
 ,/ate gu>anty association = ! lifetime 
retirem5t income contract4  7,d7 ,!     
fiduci>y obta9s evid5ce f ! insur] t1 n 

m ?an #a ye> prior to ! "t ( selection1 
! insur] has obta9$ writt5 confirmation 
f ! insurance commission] ( ! domicili>y
 ,/ate ( su* insur] t1 at ! "t !        
confirmation is issu$1 ! insur] met !   
conditions ( clauses 7i7 & 7ii7 (       
subp>agraph 7,a74  7#c7 ,"t ( selection 
,= purposes ( ?is subsection1 ! "t (    
selection is-- 7,a7 ! "t t ! insur] &   
contract are select$ = di/ribution (    
b5efits to a specific p>ticipant or     
b5efici>y2 or  7,b7 ! "t t ! insur] &   
contract are select$ to provide b5efits 
at future dates to p>ticipants or       
b5efici>ies1 b only if ! select+        
fiduci>y p]iodically reviews ! cont9u+  
appropriat5ess ( ! conclusion describ$ 9
 p>agraph 7#a77;,a74  7#d7 ,p]iodic     
review ,= purposes ( p>agraph 7#c77;,b71
 a fiduci>y is n requir$ to review !    
appropriat5ess ( ! conclusion "u        
p>agraph 7#a77;,a7 be=e or aft] !       
pur*ase ( any contract = specific       
p>ticipants or b5efici>ies4 ,a fiduci>y 
w be deem$ to h conduct$ a p]iodic      

review ( ! f9ancial capability ( !      
insur] if ! fiduci>y obta9s ! writt5    
repres5tations describ$ 9 clauses 7i7   
?r\gh 7iii7 ( p>agraph 7#b77;,a7 on an  
annual basis1 unless1 9 ! int]im1 !     
fiduci>y becomes aw>e ( facts t w\ld    
cause ! fiduci>y to "q su*              
repres5tations4  7#e7 ,def9itions ,=    
purposes ( ?is subsection-- 7,a7 ! t]m  
insur] means an insurance company1      
insurance s]vice1 or insurance          
organization qualifi$ to d bus9ess 9 a  
,/ate & includes affiliates ( su*       
companies to ! ext5t ! affiliate is     
lic5s$ to (f] lifetime retirem5t income 
contracts2 &  7,b7 ! t]m lifetime       
retirem5t income contract means an      
annuity contract or a contract 7or      
provision or feature !re(7 t provides a 
p>ticipant fix$ or v>iable b5efits = a  
fix$ t]m or ! rema9d] ( ! life ( !      
p>ticipant or ! jo9t lives ( !          
p>ticipant & ! designat$ b5efici>y ( !  
p>ticipant4  7#f7 ,sav+s clause ,no?+ 9 
?is subsection %all be con/ru$ to       

e/abli% m9imum requirem5ts or !         
exclusive means = a fiduci>y to satisfy 
! fiduci>y duties "u subsection         
7a77#a77;,b74 ,no?+ 9 ?is subsection    
%all be con/ru$ to require a fiduci>y to
 select ! l[e/ co/ contract4 ,a fiduci>y
 may consid] ! value1 includ+ features &
 b5efits ( ! contract & attributes ( !  
insur]1 9 conjunction ) ! contract's    
co/4 ,attributes ( ! insur] t may be    
consid]$ may include1 )\t limitation1 ! 
issu]'s f9ancial /r5g?4  4  #bbc4       
,default inve/m5t safe h>bor            
cl>ification  7a7 ,9 g5]al ,section     
#djd7;c77#e7 ( ! ,employee ,retirem5t   
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #aajd7;c77#e77 is am5d$ by    
add+ at ! end ! foll[+3  7,c7           
,availability ( options ,! availability 
( annuity pur*ase rights1 dea? b5efit   
gu>antees1 inve/m5t gu>antees1 or o!r   
features 9 insurance contracts w n1 9 & 
( !mselves1 affect ! /atus ( a fund1    
product1 or portfolio z a default       
inve/m5t "u ?is p>agraph4  4  7b7 ,rules

 ( con/ruction ,! am5dm5t made by       
subsection 7a7 %all be con/ru$ to codify
 exi/+ law & %all n be con/ru$ z modify+
 ! regulations promulgat$ by ! ,secret>y
 ( ,labor "u section #djd7;c77#e7 (     
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4             
#aajd7;c77#e771 z 9 effect be=e !       
am5dm5t made by ?is section4  #bbd4     
,adm9i/ration ( jo9t & survivor annuity 
requirem5ts  7a7 ,option ,to appo9t     
annuity adm9i/rators ,section #djb7;c7 (
 ! ,employee ,retirem5t ,income         
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#aajb7;c77 is am5d$-- 7#a7 9 p>agraph   
7#b71 by /rik+ or at ! end1  7#b7 9     
p>agraph 7#c71 by /rik+ ! p]iod at ! end
 & ins]t+ 2 or1 &  7#c7 by add+ at ! end
 ! foll[+ new p>agraph3  7#d7 t a nam$  
fiduci>y1 or a fiduci>y designat$ by a  
nam$ fiduci>y pursuant to a plan        
proc$ure describ$ 9 section             
#dje7;c77#a71 may appo9t an annuity     
adm9i/rator or adm9i/rators )           
responsibility = adm9i/ration ( an      

individual acc\nt plan 9 accordance ) ! 
requirem5ts ( section #bje & paym5t (   
any annuity requir$ !reund]4  4  7b7    
,liability ( annuity adm9i/rator        
,section #dje ( ! ,employee ,retirem5t  
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #aaje71 z am5d$ by section    
#baa7;a71 is am5d$ by add+ at ! end !   
foll[+3  7f7 ,annuity ,adm9i/rator ,if  
#a or m p]sons has be5 appo9t$ "u       
section #djb7;c77#d7 z an annuity       
adm9i/rator or adm9i/rators ( an        
individual acc\nt plan1 & ea* su* p]son 
ackn[l$ges 9 writ+ t su* p]son is !     
annuity adm9i/rator & a fiduci>y "u !   
plan ) respect to appo9t$ duties1 nei!r 
! nam$ fiduci>y nor any appo9t+ fiduci>y
 %all be liable = any act or omission ( 
! annuity adm9i/rator except to ! ext5t 
t-- 7#a7 ! nam$ fiduci>y or appo9t+     
fiduci>y violat$ section #djd7;a77#a7-- 
7,a7 ) respect to su* appo9tm5t2 or     
7,b7 9 cont9u+ ! appo9tm5t2  7#b7 ! nam$
 fiduci>y or appo9t+ fiduci>y w\ld      
o!rwise be liable 9 accordance )        

subsection 7a72 or  7#c7 ! entity       
appo9t$ to be ! annuity adm9i/rator is n
 an insurance company or approv$ to be  
an annuity adm9i/rator by ! ,secret>y4  
4  ,,iii ,def9$ b5efit sy/em re=ms  ,a  
,def9$ b5efit p5sion plan re=ms  #cja4  
,hybrid plans  7a7 ,am5dm5ts to ,,erisa 
7#a7 ,reasonable m9imum rates disreg>d$ 
,section #bjd7;b77#e77;,b77i7 ( !       
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4             
#ajed7;b77#e77;,b77i77 is am5d$-- 7,a7 9
 subclause 7,i71 by add+ at ! end !     
foll[+ new s5t5ce3 ,any rate describ$ 9 
subclause 7,,iv7 or 7,v7 %all be        
disreg>d$ 9 det]m9+ :e!r a plan is      
treat$ z satisfy+ ! requirem5ts ( ! fir/
 s5t5ce ( ?is subclause42 &  7,b7 by    
add+ at ! end ! foll[+3  7,,iv7         
,reasonable m9imum gu>ante$ rates =     
inve/m5t-bas$ int]e/ cr$its ,9 ! case ( 
an int]e/ cr$it 7or equival5t am\nt7 t  
is bas$ on an actual inve/m5t 7or on an 
index t is /ructur$ to h effects simil> 
to ! effects ( an actual inve/m5t71 a   

fix$ annual cr$it+ rate equal to #c     
p]c5t 7or a l[] rate n less ?an z]o t is
 specifi$ 9 ! plan7 ) respect to all    
contribution cr$its cr$it$ to a         
p>ticipant's acc\nt balance or simil>   
am\nt dur+ ! gu>antee p]iod %all be     
treat$ z a reasonable m9imum gu>ante$   
rate ( return4 ,= purposes ( ?is        
subclause1 ! gu>antee p]iod beg9s on !  
prospective date t su* reasonable m9imum
 gu>ante$ rate applies to ! p>ticipant's
 b5efit "u ! plan & ends on ! date t su*
 reasonable m9imum gu>ante$ rate ceases 
to apply to ! p>ticipant's b5efit4  7,v7
 ,reasonable m9imum rates = o!r int]e/  
cr$it+ bases ,9 ! case ( an int]e/ cr$it
 7or equival5t am\nt7 t is n describ$ 9 
subclause 7,,iv71 an annual int]e/ rate 
equal to ! l[e/ int]e/ rate p]mitt$ )   
respect to any plan "u section          
#dae7;b77#b77;,e77i7 ( ! ,int]nal       
,rev5ue ,code ( #aihf 7)\t reg>d to     
section #dae7;b77#b77;,e77ii7 ( su*     
,code7 %all be treat$ z a reasonable    
m9imum gu>ante$ rate ( return describ$ 9

 su* subclause4  4  7#b7 ,p]mitt$ fix$  
rates ,section #bjd7;b77#e77;,b77i7 (   
su* ,act 7#bi ,u4,s4,c4                 
#ajed7;b77#e77;,b77i771 z am5d$ by      
p>agraph 7#a77;,b71 is am5d$ by add+ at 
! end ! foll[+3  7,,vi7 ,p]mitt$ fix$   
rate ( return ,an annual int]e/ cr$it+  
rate t is a fix$ annual cr$it+ rate & t 
does n exce$ ! rate describ$ 9 subclause
 7,v7 plus "o p]c5tage po9t %all be     
deem$ to satisfy ! requirem5ts (        
subclause 7,i74  4  7#c7 ,protect+ plan 
p>ticipants f los+ access to m>ket rates
  7,a7 ,9 g5]al ,section                
#bjd7;b77#e77;,b7 ( su* ,act 7#bi       
,u4,s4,c4 #ajed7;b77#e77;,b77i77,,iii77 
is am5d$ by add+ at ! end ! foll[+ new  
clause3  7iii7 ,special rules relat+ to 
m>ket rate ( return ,= purposes ( clause
 7i77,,iii7-- 7,i7 ,9 g5]al ,except z   
provid$ 9 ?is subclause1 any rate (     
return available 9 ! m>ket1 %all1 "u !  
regulation "u clause 7i77,,iii71 be     
p]mitt$ z a m>ket rate ( return "u      
clause 7i77,i74  7,,ii7 ,secret>ial     

au?ority ,except z provid$ 9 subclause  
7,,iii71 ! ,secret>y ( ! ,treasury may  
prescribe by regulation t a rate (      
return available 9 ! m>ket is n p]mitt$ 
"u clause 7i77,i7 if su* rate is design$
 to evade ! purposes ( clause 7i77,i7 & 
is n consi/5t ) ! purposes ( a def9$    
b5efit plan4 ,su* au?ority %all apply   
only to a rate ( return bas$ exclusively
 or prim>ily on ! returns on employ]    
securities 7z def9$ 9 section           
#djg7;d77#a771 on alt]native inve/m5ts  
g5]ally n appropriate z an exclusive or 
prim>y inve/m5t = retirem5t1 or on o!r  
simil> inve/m5ts4  7,,iii7 ,specifi$    
safe h>bor rates ,! foll[+ rates (      
return & any comb9ation ( su* rates %all
 be deem$ to be m>ket rates ( return t  
satisfy clause 7i77,i73 7aa7 ,! fir/1   
second1 or ?ird segm5t rate 7z def9$ 9  
section #dcj7;h77#b77;,c7 ( ! ,int]nal  
,rev5ue ,code ( #aihf 7)\t reg>d to     
clause 7iv7 !re(77 or any comb9ation (  
su* rates4  7bb7 ,! disc\nt rate on     
#c-mon?1 #f-mon?1 & #ab-mon? ,treasury  

bills ) appropriate m>g9s det]m9$ "u    
regulations prescrib$ by ! ,secret>y ( !
 ,treasury4  7cc7 ,! yield on #a-ye>1   
#b-ye>1 #c-ye>1 #e-ye>1 #g-ye>1 #aj-ye>1
 & #cj-ye> ,treasury ,con/ant           
,maturities ) appropriate m>g9s det]m9$ 
"u regulations prescrib$ by ! ,secret>y 
( ! ,treasury4  7dd7 ,! actual return on
 all or a div]sifi$ portion ( ! assets (
 ! plan4  7ee7 ,any total return index  
or price index commonly us$ z an        
inve/m5t b5*m>k1 z det]m9$ "u           
regulations prescrib$ by ! ,secret>y ( !
 ,treasury4  7ff7 ,! rate ( return on an
 annuity contract = a p>ticipant issu$  
by an insurance company lic5s$ "u ! laws
 ( a ,/ate4  7gg7 ,a co/ ( liv+ index ) 
appropriate m>g91 z det]m9$ "u          
regulations promulgat$ by ! ,secret>y ( 
! ,treasury4  7hh7 ,! rate ( return on a
 broad-bas$ regulat$ inve/m5t company1 z
 det]m9$ "u regulations promulgat$ by ! 
,secret>y ( ! ,treasury4  7ii7 ,any     
inve/m5t 9 :i* p>ticipants may elect to 
inve/ "u a def9$ contribution plan      

ma9ta9$ by ! sponsor ( ! plan o!r ?an an
 inve/m5t ) a rate ( return prohibit$ "u
 clause 7i71 a /able value fund1 or an  
inve/m5t available only ?r\gh a brok]age
 acc\nt 7or simil> arrangem5t74  4  7b7 
,am5dm5ts to #aihf ,code  7#a7          
,reasonable m9imum rates disreg>d$      
,section #daa7;b77#e77;,b77i7 ( !       
,int]nal ,rev5ue ,code ( #aihf is       
am5d$-- 7,a7 9 subclause 7,i71 by add+  
at ! end ! foll[+ new s5t5ce3 ,any rate 
describ$ 9 subclause 7,,iv7 or 7,v7 %all
 be disreg>d$ 9 det]m9+ :e!r a plan is  
treat$ z satisfy+ ! requirem5ts ( ! fir/
 s5t5ce ( ?is subclause42 &  7,b7 by    
add+ at ! end ! foll[+3  7,,iv7         
,reasonable m9imum gu>ante$ rates =     
inve/m5t-bas$ int]e/ cr$its ,9 ! case ( 
an int]e/ cr$it 7or equival5t am\nt7 t  
is bas$ on an actual inve/m5t 7or on an 
index t is /ructur$ to h effects simil> 
to ! effects ( an actual inve/m5t71 a   
fix$ annual cr$it+ rate equal to #c     
p]c5t 7or a l[] rate n less ?an z]o t is
 specifi$ 9 ! plan7 ) respect to all    

contribution cr$its cr$it$ to a         
p>ticipant's acc\nt balance or simil>   
am\nt dur+ ! gu>antee p]iod %all be     
treat$ z a reasonable m9imum gu>ante$   
rate ( return4 ,= purposes ( ?is        
subclause1 ! gu>antee p]iod beg9s on !  
prospective date t su* reasonable m9imum
 gu>ante$ rate applies to ! p>ticipant's
 b5efit "u ! plan & ends on ! date t su*
 reasonable m9imum gu>ante$ rate ceases 
to apply to ! p>ticipant's b5efit4  7,v7
 ,reasonable m9imum rates = o!r int]e/  
cr$it+ bases ,9 ! case ( an int]e/ cr$it
 7or equival5t am\nt7 t is n describ$ 9 
subclause 7,,iv71 an annual int]e/ rate 
equal to ! l[e/ int]e/ rate p]mitt$ )   
respect to any plan "u section          
#dae7;b77#b77;,e77i7 7)\t reg>d to      
section #dae7;b77#b77;,e77ii77 %all be  
treat$ z a reasonable m9imum gu>ante$   
rate ( return describ$ 9 su* subclause4 
4  7#b7 ,p]mitt$ fix$ rates ,section    
#daa7;b77#e77;,b77i7 ( su* ,code1 z     
am5d$ by p>agraph 7#a77;,b71 is fur!r   
am5d$ by add+ at ! end ! foll[+3  7,,vi7

 ,p]mitt$ fix$ rate ( return ,an annual 
int]e/ cr$it+ rate t is a fix$ annual   
cr$it+ rate & t does n exce$ ! rate     
describ$ 9 subclause 7,v7 plus "o       
p]c5tage po9t %all be deem$ to satisfy !
 requirem5ts ( subclause 7,i74  4  7#c7 
,protect+ plan p>ticipants f los+ access
 to m>ket rates  7,a7 ,9 g5]al ,section 
#daa7;b77#e77;,b7 ( su* ,code is am5d$  
by add+ at ! end ! foll[+3  7iii7       
,special rules relat+ to m>ket rate (   
return ,= purposes ( clause 7i77,,iii7--
 7,i7 ,9 g5]al ,except z provid$ 9 ?is  
subclause1 any rate ( return available 9
 ! m>ket1 %all1 "u ! regulation "u      
clause 7i77,,iii71 be p]mitt$ z a m>ket 
rate ( return "u clause 7i77,i74  7,,ii7
 ,secret>ial au?ority ,except z provid$ 
9 subclause 7,,iii71 ! ,secret>y may    
prescribe by regulation t a rate (      
return available 9 ! m>ket is n p]mitt$ 
"u clause 7i77,i7 if su* rate is design$
 to evade ! purposes ( clause 7i77,i7 & 
is n consi/5t ) ! purposes ( a def9$    
b5efit plan4 ,su* au?ority %all apply   

only to a rate ( return bas$ exclusively
 or prim>ily on ! returns on employ]    
securities 7z def9$ 9 section           
#djg7;d77#a771 on alt]native inve/m5ts  
g5]ally n appropriate z an exclusive or 
prim>y inve/m5t = retirem5t1 or on o!r  
simil> inve/m5ts4  7,,iii7 ,specifi$    
safe h>bor rates ,! foll[+ rates (      
return & any comb9ation ( su* rates %all
 be deem$ to be m>ket rates ( return t  
satisfy clause 7i77,i73 7aa7 ,! fir/1   
second1 or ?ird segm5t rate 7z def9$ 9  
section #dcj7;h77#b77;,c7 7)\t reg>d to 
clause 7iv7 !re(77 or any comb9ation (  
su* rates4  7bb7 ,! disc\nt rate on     
#c-mon?1 #f-mon?1 & #ab-mon? ,treasury  
bills ) appropriate m>g9s det]m9$ "u    
regulations prescrib$ by ! ,secret>y4   
7cc7 ,! yield on #a-ye>1 #b-ye>1 #c-ye>1
 #e-ye>1 #g-ye>1 #aj-ye>1 & #cj-ye>     
,treasury ,con/ant ,maturities )        
appropriate m>g9s det]m9$ "u regulations
 prescrib$ by ! ,secret>y4  7dd7 ,!     
actual return on all or a div]sifi$     
portion ( ! assets ( ! plan4  7ee7 ,any 

total return index or price index       
commonly us$ z an inve/m5t b5*m>k1 z    
det]m9$ "u regulations prescrib$ by !   
,secret>y4  7ff7 ,! rate ( return on an 
annuity contract = a p>ticipant issu$ by
 an insurance company lic5s$ "u ! laws (
 a ,/ate4  7gg7 ,a co/ ( liv+ index )   
appropriate m>g91 z det]m9$ "u          
regulations promulgat$ by ! ,secret>y4  
7hh7 ,! rate ( return on a broad-bas$   
regulat$ inve/m5t company1 z det]m9$ "u 
regulations promulgat$ by ! ,secret>y4  
7ii7 ,any inve/m5t 9 :i* p>ticipants may
 elect to inve/ "u a def9$ contribution 
plan ma9ta9$ by ! sponsor ( ! plan o!r  
?an an inve/m5t ) a rate ( return       
prohibit$ "u clause 7i71 a /able value  
fund1 or an inve/m5t available only     
?r\gh a brok]age acc\nt 7or simil>      
arrangem5t74  4  7c7 ,protect+ plan     
p>ticipants f retroactive b5efit        
decreases  7#a7 ,9 g5]al ,if an int]e/  
cr$it 7or equival5t am\nt7 "u a plan    
subject to section                      
#daa7;b77#e77;,b77i77,i7 ( ! ,int]nal   

,rev5ue ,code ( #aihf or section        
#bjd7;b77#e77;,b77i77,i7 ( ! ,employee  
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4                    
#ajed7;b77#e77;,b77i77,i77 0 reasonable 
9 relation to m>ket rates 9 exi/5ce :5  
su* int]e/ cr$it 7or equival5t am\nt7 0 
e/abli%$ 7disreg>d+ any m9imum rates (  
return t 7 reasonable :5 e/abli%$71 su* 
int]e/ cr$it 7or equival5t am\nt7 %all  
be treat$ z satisfy+ ! requirem5ts (    
section #daa7;b77#e77;,b77i77,i7 ( su*  
,code & section #bjd7;b77#e77;,b77i77,i7
 ( su* ,act = ! transition p]iod4  7#b7 
,transition p]iod ,= purposes ( p>agraph
 7#a71 ! transition p]iod1 ) respect to 
any plan1 beg9s on ! date t section     
#daa7;b77#e77;,b77i77,i7 ( su* ,code or 
section #bjd7;b77#e77;,b77i77,i7 ( su*  
,act fir/ appli$ to su* plan & ends on !
 effective date ( compreh5sive f9al     
regulations "u su* sections prescrib$ by
 ! ,secret>y ( ! ,treasury4  7d7 ,ensur+
 fairness :5 int]e/ cr$its are requir$  
,to be decreas$  7#a7 ,9 g5]al ,9 ! case

 ( an int]e/ cr$it 7or equival5t am\nt7 
"u a plan subject to section            
#daa7;b77#e77;,b77i77,i7 ( ! ,int]nal   
,rev5ue ,code ( #aihf or section        
#bjd7;b77#e77;,b77i77,i7 ( ! ,employee  
,retirem5t ,income ,security ,act (     
#aigd t is 9 effect = ! la/ plan ye>    
prior to ! effective date ( compreh5sive
 f9al regulations "u su* section ( su*  
,code b does n comply ) su* regulations 
det]m9$ aft] application ( subsection   
7c71 ! ,secret>y ( ! ,treasury %all     
provide an exception f ! requirem5ts (  
section #daa7;d77#f7 ( su* ,code &      
section #bjd7;g7 ( su* ,act = a r$uction
 9 su* int]e/ cr$it 7or equival5t       
am5dm5t7 t is made pursuant to su*      
compreh5sive f9al regulations4  7#b7    
,exception ,! exception "u p>agraph 7#a7
 f section #bjd7;g7 ( su* ,act & section
 #daa7;d77#f7 ( su* ,code %all be issu$ 
?r\gh regulations to ensure !           
opportunity ( int]e/$ p]sons to make    
comm5ts ?r\gh a public notice & comm5t  
process4 ,su* exception %all p]mit any  

int]e/ cr$it 7or equival5t am\nt7 to :i*
 ?is subsection applies to be modifi$ to
 be ! maximum fix$ rate ( return p]mitt$
 "u section #bjd7;b77#e77;,b77i77,,vi7 (
 su* ,act or section                    
#daa7;b77#e77;,b77i77,,vi7 ( su* ,code  
or to be ! maximum rate p]mitt$ "u any  
rate ( return deem$ to be a m>ket rate (
 return pursuant to section             
#bjd7;b77#e77;,b77i77,,iii7 ( su* ,act  
or section #daa7;b77#e77;,b77i77,,iii7 (
 su* ,code4 ,! ,secret>y ( ! ,treasury  
%all fur!r /ructure ! exception to      
ensure t !re are cle> & simple me?ods = 
plans to comply ) ! requirem5ts (       
section #bjd7;b77#e77;,b77i77,i7 ( su*  
,act & section #daa7;b77#e77;,b77i77,i7 
( su* ,code4  7e7 ,protect+ p>ticipants 
f plan freezes ?r\gh appropriate        
transition rules  7#a7 ,9 g5]al ,9 !    
case ( any def9$ b5efit plan to :i* ?is 
subsection applies1 compreh5sive        
regulations "u sections #bjc7;f77#a7 &  
#bjd7;b77#e77;,b77i7 ( ! ,employee      
,retirem5t ,income ,security ,act (     

#aigd or sections #daa7;a77#ac77;,a7 &  
#daa7;b77#e77;,b77i7 ( ! ,int]nal       
,rev5ue ,code ( #aihf %all n take effect
 be=e ! fir/ plan ye> beg9n+ at lea/ #a 
ye> aft] ! lat] (-- 7,a7 ! date (       
publication ( su* regulations2 or  7,b7 
! date ( publication ( ! regulations    
describ$ 9 subsection 7d74  7#b7 ,p5sion
 equity plans ,?is subsection applies to
 any def9$ b5efit plan t-- 7,a7 is      
subject to section #bjd7;b77#e7 ( !     
,employee ,retirem5t ,income ,security  
,act ( #aigd or section #daa7;b77#e7 ( !
 ,int]nal ,rev5ue ,code ( #aihf2  7,b7  
expresses any portion ( any p>ticipant's
 b5efit z a curr5t value equal to an    
accumulat$ p]c5tage ( ! employee's f9al 
av]age comp5sation2 &  7,c7 9 ! abs5ce (
 guidance f ! ,secret>y ( ! ,treasury or
 ! ,secret>y ( ,labor1 has be5 /ructur$ 
9 a reasonable1 good fai? mann] to      
comply ) ! requirem5ts ( su* ,code & su*
 ,act ) respect to b5efits describ$ 9   
subp>agraph 7,b74  7#c7 ,p]iod prior to 
effective date ( regulations ,9 ! case (

 a plan to :i* ?is subsection applies1  
no rule %all be issu$ & no adv]se       
en=cem5t action %all be tak5 by !       
,secret>y ( ! ,treasury or ! ,secret>y (
 ,labor ) respect to a plan describ$ 9  
p>agraph 7#b7 reg>d+ ! /ructure ( !     
b5efits describ$ 9 p>agraph 7#b77;,b7 = 
any p]iod prior to ! effective date (   
compreh5sive f9al regulations issu$ by !
 ,secret>y ( ! ,treasury ) respect to   
su* b5efits4 ,su* f9al regulations %all 
n be effective be=e ! fir/ plan ye>     
beg9n+ at lea/ #a ye> aft] publication (
 su* regulations4  7f7 ,effective date  
7#a7 ,9 g5]al ,except z o!rwise provid$1
 ! am5dm5ts & o!r provisions ( ?is      
section %all take effect z if includ$ 9 
section #gja ( ! ,p5sion ,protection    
,act ( #bjjf 7,public ,law #aji-bhj2    
#abj ,/at4 #iha74  7#b7 ,hold h>mless ,)
 respect to any p]iod prior to !        
effective date ( ! compreh5sive         
regulations describ$ 9 subsection 7e71  
no plan %all fail to comply ) any       
requirem5t ( ! ,employee ,retirem5t     

,income ,security ,act ( #aigd or ( !   
,int]nal ,rev5ue ,code ( #aihf by reason
 ( comply+ ) ! law 9 effect )\t reg>d to
 ! am5dm5ts made by subsections 7a7 &   
7b74  #cjb4 ,cl>ification ( ! normal    
retirem5t age  7a7 ,am5dm5ts to ,,erisa 
,section #bjd ( ! ,employee ,retirem5t  
,income ,security ,act ( #aigd is am5d$ 
by r$esignat+ subsection 7k7 z          
subsection 7l7 & by ins]t+ aft]         
subsection 7j7 ! foll[+ new subsection3 
7k7 ,special rule = det]m9+ normal      
retirem5t age = c]ta9 exi/+ def9$ b5efit
 plans  7#a7 ,9 g5]al ,= purposes (     
section #c7bd71 an applicable plan %all 
n be treat$ z fail+ to meet any         
requirem5t ( ?is title1 or z fail+ to h 
a uni=m normal retirem5t age = purposes 
( ?is title1 solely because ! plan has  
adopt$ ! normal retirem5t age describ$ 9
 p>agraph 7#b74  7#b7 ,applicable plan  
,= purposes ( ?is subsection-- 7,a7 ,9  
g5]al ,! t]m applicable plan means a    
def9$ b5efit plan t1 on ! date ( !      
introduction ( ?is subsection1 has      

adopt$ a normal retirem5t age :i* is !  
e>li] (-- 7i7 an age o!rwise p]mitt$ "u 
section #b7bd71 or  7ii7 ! age at :i* a 
p>ticipant completes ! numb] ( ye>s 7n  
less ?an #cj ye>s7 ( b5efit accrual     
s]vice specifi$ by ! plan4  ,a plan %all
 n fail to be treat$ z an applicable    
plan solely because1 z ( su* date1 !    
normal retirem5t age describ$ 9 ! prec$+
 s5t5ce only appli$ to c]ta9 p>ticipants
 or to c]ta9 employ]s p>ticipat+ 9 !    
plan4  7,b7 ,exp&$ application ,if1 aft]
 ! date describ$ 9 subp>agraph 7,a71 an 
applicable plan exp&s ! application ( ! 
normal retirem5t age describ$ 9         
subp>agraph 7,a7 to additional          
p>ticipants or p>ticipat+ employ]s1 su* 
plan %all also be treat$ z an applicable
 plan ) respect to su* p>ticipants or   
p>ticipat+ employ]s4  4  7b7 ,am5dm5t to
 #aihf ,code ,section #daa ( ! ,int]nal 
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new subsection3  7f7  
,special rule = det]m9+ normal retirem5t
 age = c]ta9 exi/+ def9$ b5efit plans   

7#a7 ,9 g5]al ,= purposes ( subsection  
7a77#h77;,a71 an applicable plan %all n 
be treat$ z fail+ to meet any requirem5t
 ( ?is sub*apt]1 or z fail+ to h a uni=m
 normal retirem5t age = purposes ( ?is  
sub*apt]1 solely because ! plan has     
adopt$ ! normal retirem5t age describ$ 9
 p>agraph 7#b74  7#b7 ,applicable plan  
,= purposes ( ?is subsection-- 7,a7 ,9  
g5]al ,! t]m applicable plan means a    
def9$ b5efit plan t1 on ! date ( !      
introduction ( ?is subsection1 has      
adopt$ a normal retirem5t age :i* is !  
e>li] (-- 7i7 an age o!rwise p]mitt$ "u 
subsection 7a77#h77;,a71 or  7ii7 ! age 
at :i* a p>ticipant completes ! numb] ( 
ye>s 7n less ?an #cj ye>s7 ( b5efit     
accrual s]vice specifi$ by ! plan4  ,a  
plan %all n fail to be treat$ z an      
applicable plan solely because1 z ( su* 
date1 ! normal retirem5t age describ$ 9 
! prec$+ s5t5ce only appli$ to c]ta9    
p>ticipants or to c]ta9 employ]s        
p>ticipat+ 9 ! plan4  7,b7 ,exp&$       
application ,if1 aft] ! date describ$ 9 

subp>agraph 7,a71 an applicable plan    
exp&s ! application ( ! normal retirem5t
 age describ$ 9 subp>agraph 7,a7 to     
additional p>ticipants or p>ticipat+    
employ]s1 su* plan %all also be treat$ z
 an applicable plan ) respect to su*    
p>ticipants or p>ticipat+ employ]s4  4  
#cjc4 ,moratorium on imposition ( %utd[n
 liability  7a7 ,9 g5]al ,! ,p5sion     
,b5efit ,gu>anty ,corporation %all n br+
 any new action aga9/ a plan sponsor to 
en=ce subsection 7e7 ( section #djfb ( !
 ,employee ,retirem5t ,income ,security 
,act ( #aigd 7#bi ,u4,s4,c4 #acfb7 be=e 
,janu>y #cj1 #bjaf4  7b7 ,/udy ,!       
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all /udy ! effectiv5ess1 fairness1 &   
utility ( section #djfb7;e7 ( !         
,employee ,retirem5t ,income ,security  
,act 7#bi ,u4,s4,c4 #aaja et seq474 ,no 
lat] ?an ,janu>y #cj1 #bjae1 !          
,comptroll] ,g5]al %all submit a report 
to ! ,committee on ,heal?1 ,education1  
,labor1 & ,p5sions ( ! ,s5ate & !       
,committee on ,education & ! ,work=ce ( 

! ,h\se ( ,repres5tatives summ>iz+ its  
f9d+s & includ+ recomm5dations =        
alt]native ways to protect retirees & ! 
,p5sion ,b5efit ,gu>anty ,corporation f 
cessations ( op]ations :ile enc\rag+    
employ]s to bo? cont9ue to (f] def9$    
b5efit p5sion plans & to re/ructure z   
may be necess>y to ensure ! ongo+       
viability ( ! bus9ess4  #cjd4           
,alt]native fund+ t>get atta9m5t        
p]c5tage det]m9$ )\t reg>d to r$uction =
 cr$it balances  7a7 ,am5dm5ts to       
,,erisa ,section #bjf7;g7 ( ,employee   
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajef7;g77 is      
am5d$-- 7#a7 9 p>agraph 7#e71 by /rik+  
subp>agraph 7,c72 &  7#b7 9 p>agraph    
7#i7-- 7,a7 9 subp>agraph 7,b7-- 7i7 by 
/rik+ ! p]iod at ! end & ins]t+ 2 &2    
7ii7 by /rik+ "u subp>agraph 7,a7 by    
increas+ & ins]t+ ! foll[+3 "u          
subp>agraph 7,a7-- 7i7 by increas+  2 & 
7iii7 by add+ at ! end ! foll[+3  7ii7  
)\t reg>d to ! r$uction "u section      
#cjc7;f77#d77;,b74  2 &  7,b7 by /rik+  

subp>agraphs 7,c7 & 7,d74  7b7 ,am5dm5ts
 to #aihf ,code ,section #dcf ( !       
,int]nal ,rev5ue ,code ( #aihf is       
am5d$-- 7#a7 9 subsection 7f71 by /rik+ 
p>agraph 7#c72 &  7#b7 9 subsection     
7j7-- 7,a7 9 p>agraph 7#b7-- 7i7 by     
/rik+ ! p]iod at ! end & ins]t+ 1 &2 &  
7ii7 by /rik+ "u p>agraph 7#a7 by       
increas+ & ins]t+ ! foll[+3 "u          
subp>agraph 7,a7-- 7,a7 by increas+  2 &
  7iii7 by add+ at ! end ! foll[+3  7,b7
 )\t reg>d to ! r$uction "u section     
#dcj7;f77#d77;,b74  2 &  7,b7 by /rik+ !
 fir/ & second p>agraph 7#c74  7c7      
,effective date ,! am5dm5ts made by ?is 
section %all apply to plan ye>s beg9n+  
aft] ,decemb] #ca1 #bjad4  #cje4 ,me?od 
= det]m9+ *anges = qu>t]ly contributions
  7a7 ,am5dm5t to ,,erisa ,section      
#cjc7;j77#c77;,a7 ( ! ,employee         
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajhc7;j77#c77;,a77
 is am5d$ by ins]t+ 7det]m9$ )\t reg>d  
to ! r$uction "u subsection             
7f77#d77;,b77 aft] prec$+ plan ye>4  7b7

 ,am5dm5t to #aihf ,code ,section       
#dcj7;j77#c7 ( ! ,int]nal ,rev5ue ,code 
( #aihf is am5d$ by ins]t+ 7det]m9$ )\t 
reg>d to ! r$uction "u subsection       
7f77#d77;,b77 aft] prec$+ plan ye>4  7c7
 ,effective date ,! am5dm5ts made by ?is
 section %all apply to plan ye>s beg9n+ 
aft] ,decemb] #ca1 #bjad4  #cjf4        
,election to disc\nt contributions f    
f9al due date  7a7 ,am5dm5t to ,,erisa  
,section #cjc7;j77#b7 ( ! ,employee     
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajhc7;j77#b77 is  
am5d$ by add+ at ! end ! foll[+3 ,=     
purposes ( ?is p>agraph1 a plan sponsor 
may elect to treat all paym5ts made aft]
 ! valuation date z hav+ be5 made on !  
la/ day p]missible "u p>agraph 7#a744   
7b7 ,am5dm5t to #aihf ,code ,section    
#dcj7;j77#b7 ( ! ,int]nal ,rev5ue ,code 
( #aihf is am5d$ by add+ at ! end !     
foll[+3 ,= purposes ( ?is p>agraph1 a   
plan sponsor may elect to treat all     
paym5ts made aft] ! valuation date z    
hav+ be5 made on ! la/ day p]missible "u

 p>agraph 7#a744  7c7 ,effective date ,!
 am5dm5ts made by ?is section %all apply
 to plan ye>s beg9n+ aft] ,decemb] #ca1 
#bjad4  #cjg4 ,simplification (         
elections & notices  7a7 ,am5dm5ts to   
,,erisa  7#a7 ,timel9ess ( elections    
,section #cjc ( ! ,employee ,retirem5t  
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #ajhc7 is am5d$ by add+ at !  
end ! foll[+3  7m7 ,timel9ess (         
elections ,an election requir$ to be    
made by ! plan sponsor "u ?is section1  
includ+ an election made "u rules       
prescrib$ by ! ,secret>y ( ! ,treasury  
to implem5t ?is section1 %all be deem$  
to h be5 timely made if ! election is   
made on or be=e ! due date specifi$ 9   
subsection 7j77#a7 or1 if lat]1 ! due   
date ( ! actu>ial report requir$ "u     
section #ajc7;d74  4  7#b7 ,"t = provid+
 notice ,section #aja7;f77#c77;,b7 ( !  
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4             
#ajba7;f77#c77;,b77 is am5d$-- 7,a7 9 ! 
head+1 by /rik+ = small plans2  7,b7 by 

ins]t+ a plan ) an adju/$ fund+ t>get   
atta9m5t p]c5tage ( m ?an #hj p]c5t = ! 
prior ye> or aft] ,9 ! case (2  7,c7 by 
/rik+ 7z su* t]m is us$ "u section      
#cjc7;g77#b77;,b772 &  7,d7 by /rik+ ^u 
& ins]t+ n lat] ?an #b mon?s aft]4  7b7 
,am5dm5t to #aihf ,code ,section #dcj ( 
! ,int]nal ,rev5ue ,code ( #aihf is     
am5d$ by add+ at ! end ! foll[+3  7m7   
,timel9ess ( elections ,an election     
requir$ to be made by ! plan sponsor "u 
?is section1 includ+ an election made "u
 rules prescrib$ by ! ,secret>y to      
implem5t ?is section1 %all be deem$ to h
 be5 timely made if ! election is made  
on or be=e ! due date specifi$ 9        
subsection 7j77#a7 or1 if lat]1 ! due   
date ( ! actu>ial report requir$ "u     
section #fjei4  4  7c7 ,effective date  
,! am5dm5ts made by ?is section %all    
apply to plan ye>s beg9n+ aft] ,decemb] 
#ca1 #bjad4  #cjh4 ,improv$ multiemploy]
 plan disclosure  7a7 ,disclosure &     
report+ by multiemploy] plans  7#a7     
,plan fund+ notices ,section #aja7;f7 ( 

! ,employee ,retirem5t ,income ,security
 ,act ( #aigd 7#bi ,u4,s4,c4 #ajba7;f77 
is am5d$-- 7,a7 9 p>agraph 7#b77;,b7--  
7i7 by /rik+ clause 7v72  7ii7 by       
r$esignat+ clauses 7vi7 ?r\gh 7x7 z     
clauses 7v7 ?r\gh 7ix71 respectively2   
7iii7 9 clause 7vi71 z s r$esignat$--   
7,i7 by /rik+ 7,i7 9 ! case ( & ins]t+ 9
 ! case (2  7,,ii7 by /rik+ 1 or &      
ins]t+ a comma2 &  7,,iii7 by /rik+     
subclause 7,,ii72 &  7iv7 by am5d+      
clause 7vii71 z s r$esignat$1 to read z 
foll[s3  7vii7 7,i7 9 ! case ( a        
s+le-employ] plan1 a g5]al description (
 ! b5efits "u ! plan :i* are eligible to
 be gu>ante$ by ! ,p5sion ,b5efit       
,gu>anty ,corporation1 & an explanation 
( ! limitations on ! gu>antee & !       
circum/ances "u :i* su* limitations     
apply1 &  7,,ii7 9 ! case ( a           
multiemploy] plan1 a /atem5t t eligible 
b5efits are gu>ante$ by ! ,p5sion       
,b5efit ,gu>anty ,corporation1 & a      
/atem5t ( h[ to obta9 bo? a g5]al       
description ( ! b5efits "u ! plan :i*   

are eligible to be gu>ante$ by ! ,p5sion
 ,b5efit ,gu>anty ,corporation & an     
explanation ( ! limitations on !        
gu>antee & ! circum/ances "u :i* su*    
limitations apply1  2 &  7,b7 9 p>agraph
 7#d77;,c7-- 7i7 by /rik+ 7,c7 may be   
provid$ & ins]t+ 7,c77i7 subject to     
clause 7ii71 may be provid$2 &  7ii7 by 
/rik+ ! p]iod & ins]t+ ! foll[+3  7ii7 9
 ! case ( su* a notice provid$ to !     
,p5sion ,b5efit ,gu>anty ,corporation1  
%all be 9 an electronic =mat 9 su* mann]
 prescrib$ 9 regulations ( su*          
,corporation4  4  7#b7 ,disclosures by  
plans reg>d+ /atus  7,a7 ,am5dm5ts to   
,,erisa ,section #cje7;b77#c7 ( !       
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4             
#ajhe7;b77#c77 is am5d$-- 7i7 9 !       
p>agraph head+1 by /rik+ by plan actu>y 
& ins]t+ & report2  7ii7 by am5d+       
subp>agraph 7,a7 to read z foll[s3  7,a7
 ,9 g5]al ,n lat] ?an ! #ij? day ( ea*  
plan ye> ( a multiemploy] plan1 ! plan  
sponsor %all file1 9 accordance )       

regulations prescrib$ by ! ,,erisa      
ag5cies1 a report t conta9s-- 7i7       
docum5tation f ! plan actu>y c]tify+ to 
! ,,erisa ag5cies & to ! plan sponsor-- 
7,i7 :e!r or n ! plan is 9 endang]$     
/atus = su* plan ye> & :e!r or n ! plan 
is or w be 9 critical /atus = su* plan  
ye> or any ( ! #e succe$+ plan ye>s1    
7,,ii7 9 ! case ( a plan :i* is 9 a     
fund+ improvem5t or rehabilitation      
p]iod1 :e!r or n ! plan is mak+ ! s*$ul$
 progress 9 meet+ ! requirem5ts ( its   
fund+ improvem5t or rehabilitation plan 
&1 if n1 a summ>y ( ! prim>y reasons !  
plan is n mak+ ! s*$ul$ progress1       
7,,iii7 ! fund$ p]c5tage ( ! plan       
det]m9$ z ( ! fir/ day ( ! curr5t plan  
ye> & ! value ( assets & liabilities us$
 to calculate su* fund$ p]c5tage1       
7,,iv7 a projection ( ! fund+ /&>d      
acc\nt on a ye>-by-ye> basis = ! curr5t 
plan ye> & ! n9e succe$+ plan ye>s & a  
/atem5t ( ! actu>ial assumptions = su*  
projections1 &  7,v7 7aa7 subject to    
item 7bb71 a projection ( ! ca% fl[ ( ! 

plan & actu>ial assumptions = ! curr5t  
plan ye> & six succe$+ plan ye>s1 &     
7bb7 9 ! case 9 :i* x is c]tifi$ t a    
multiemploy] plan is or w be 9 endang]$ 
or critical /atus = a plan ye>1 !       
projection ( ! ca% fl[ ( ! plan &       
actu>ial assumptions = ! curr5t ye> & t5
 succe$+ plan ye>s1  7ii7 z ( ! la/ day 
( ! prior plan ye>1 a good fai?         
det]m9ation (-- 7,i7 ! fair m>ket value 
( ! assets ( ! plan1  7,,ii7 ! numb] (  
p>ticipants :o are-- 7aa7 retir$ or     
sep>at$ f s]vice & are receiv+ b5efits1 
7bb7 retir$ or sep>at$ p>ticipants      
entitl$ to future b5efits1 &  7cc7      
active p>ticipants "u ! plan1  7,,iii7 !
 total value ( all b5efits paid dur+ !  
prior plan ye>1  7,,iv7 ! total value ( 
all contributions made to ! plan dur+ ! 
prior plan ye>1 &  7,v7 ! total value ( 
all inve/m5t ga9s or losses dur+ ! prior
 plan ye>1  7iii7 a description ( any   
mat]ial *anges dur+ ! previ\s plan ye>  
to ! rates at :i* p>ticipants accrue    
b5efits or ! rate at :i* employ]s       

contribute1  7iv7 a copy ( any fund+    
improvem5t plan1 rehabilitation plan1 & 
any update !reto or modification !re(1 t
 0 adopt$ "u ?is section prior to ! fil+
 ( ! report = ! curr5t plan ye> 9       
accordance ) ?is subp>agraph &1 if      
applicable1 aft] ! fil+ ( ! report      
requir$ by ?is subp>agraph = ! prior    
plan ye>1  7v7 9 ! case ( any plan      
am5dm5t1 s*$ul$ b5efit increase or      
r$uction1 or o!r kn[n ev5t tak+ effect 9
 ! curr5t plan ye> & hav+ a mat]ial     
effect on plan liabilities or assets = !
 ye> 7z def9$ 9 regulations by ! ,,erisa
 ag5cies71 an explanation ( ! am5dm5t1  
s*$ul$ increase or r$uction1 or ev5t1 & 
a projection to ! end ( su* plan ye> ( !
 effect ( ! am5dm5t1 s*$ul$ increase or 
r$uction1 or ev5t on plan liabilities1  
7vi7 9 ! case ( a multiemploy] plan     
c]tifi$ to be 9 critical /atus = :i* !  
plan sponsor has det]m9$ t1 bas$ on     
reasonable actu>ial assumptions & ^u    
exhau/ion ( all reasonable measures1 !  
plan _c reasonably be expect$ to em]ge f

 critical /atus by ! end ( !            
rehabilitation p]iod1 a description (   
all reasonable measures1 :e!r or n su*  
measures 7 implem5t$1 & a summ>y ( !    
consid]ation ( su* measures1  7vii7 a   
good fai? /atem5t describ+-- 7,i7 !     
)drawal ( any employ] dur+ ! prior plan 
ye> & ! p]c5tage ( total contributions  
made by t employ] dur+ ! prior plan ye>1
  7,,ii7 any mat]ial r$uction 9 total   
contributions or )drawal liability      
paym5ts ( any employ]s & ! reason = su* 
r$uction1  7,,iii7 any significant      
r$uction 9 ! numb] ( active plan        
p>ticipants & ! reason = su* r$uction1 &
  7,,iv7 ! annual )drawal liability     
paym5t ea* employ] is obligat$ to pay to
 ! plan = ! plan ye>1 :e!r t am\nt 0    
collect$ by ! plan 7& if n1 ! am\nt t 0 
collect$71 & ! rema9+ ye>s on !         
employ]'s obligation to make )drawal    
liability paym5ts1 &  7viii7 su* o!r    
in=mation z may be requir$ by ! ,,erisa 
ag5cies by regulation4  2  7iii7 by     
/rik+ subp>agraph 7,c7 & ins]t+ !       

foll[+3  7,c7 ,=m & mann] ,! report     
requir$ by subp>agraph 7,a7 %all be fil$
 electronically 9 accordance )          
regulations prescrib$ by ! ,,erisa      
ag5cies4  2 &  7iv7 9 subp>agraph 7,d7--
 7,i7 by r$esignat+ clauses 7ii7 & 7iii7
 z clauses 7iii7 & 7iv71 respectively2  
7,,ii7 by ins]t+ aft] clause 7i7 !      
foll[+3  7ii7 ,plans 9 endang]$ or      
critical /atus ,if x is c]tifi$ "u      
subp>agraph 7,a7 t a multiemploy] plan  
is or w be 9 endang]$ or critical /atus1
 ! plan sponsor %all include 9 ! notice 
"u clause 7i7-- 7,i7 a /atem5t describ+ 
h[ a p]son may obta9 a copy ( ! plan's  
fund+ improvem5t or rehabilitation plan1
 z appropriate1 adopt$ "u ?is section & 
! actu>ial & f9ancial data t demon/rate 
any action tak5 by ! plan t[>d fiscal   
improvem5t1  7,,ii7 a summ>y ( any fund+
 improvem5t plan1 rehabilitation plan1 &
 any update !reto or modification !re(1 
adopt$ "u ?is section prior to ! furni%+
 ( su* notice1  7,,iii7 a summ>y ( !    
rules gov]n+ reorganization or          

insolv5cy1 includ+ ! limitations on     
b5efit paym5ts1 &  7,,iv7 a g5]al       
description ( ! b5efits "u ! plan :i*   
are eligible to be gu>ante$ by ! ,p5sion
 ,b5efit ,gu>anty ,corporation & an     
explanation ( ! limitations on !        
gu>antee & ! circum/ances "u :i* su*    
limitations apply4  2  7,,iii7 9 clause 
7iv71 z s r$esignat$-- 7aa7 by /rik+ ,! 
,secret>y ( ! ,treasury1 9 consultation 
) ! ,secret>y & ins]t+ ,! ,,erisa       
ag5cies2 &  7bb7 by /rik+ clause 7ii7 & 
ins]t+ clauses 7ii7 & 7iii72 &  7,,iv7  
by add+ at ! end ! foll[+3  7,e7        
,designation & coord9ation ,! ,,erisa   
ag5cies %all-- 7i7 designate "o ,,erisa 
ag5cy to receive ! report describ$ 9    
subp>agraph 7,a7 on behalf ( all !      
,,erisa ag5cies1 :i* %all ea* h full    
access to su* report2 &  7ii7 consult ) 
ea* o!r & develop rules1 regulations1   
practices1 & =ms1 :i* to ! ext5t        
appropriate = ! effici5t adm9i/ration ( 
! provisions ( ?is p>agraph are design$ 
to replace duplication ( ef=t1          

duplication ( report+1 conflict+ or     
ov]lapp+ requirem5ts1 & ! burd5 (       
compliance ) su* provisions by plan     
adm9i/rators & plan sponsors4  7,f7     
,,erisa ag5cies ,9 ?is p>agraph1 ! t]m  
,,erisa ag5cies means ! ,secret>y (     
,labor1 ! ,secret>y ( ! ,treasury1 & !  
,p5sion ,b5efit ,gu>anty ,corporation4  
4  7,b7 ,am5dm5ts to #aihf ,code        
,section #dcb7;b77#c7 ( ! ,int]nal      
,rev5ue ,code ( #aihf is am5d$-- 7i7 9 !
 p>agraph head+1 by /rik+ by plan actu>y
 & ins]t+ & report2  7ii7 by am5d+      
subp>agraph 7,a7 to read z foll[s3  7,a7
 ,9 g5]al ,n lat] ?an ! #ij? day ( ea*  
plan ye> ( a multiemploy] plan1 ! plan  
sponsor %all file1 9 accordance )       
regulations prescrib$ by ! ,,erisa      
ag5cies1 a report t conta9s-- 7i7       
docum5tation f ! plan actu>y c]tify+ to 
! ,,erisa ag5cies & to ! plan sponsor-- 
7,i7 :e!r or n ! plan is 9 endang]$     
/atus = su* plan ye> & :e!r or n ! plan 
is or w be 9 critical /atus = su* plan  
ye> or any ( ! #e succe$+ plan ye>s1    

7,,ii7 9 ! case ( a plan :i* is 9 a     
fund+ improvem5t or rehabilitation      
p]iod1 :e!r or n ! plan is mak+ ! s*$ul$
 progress 9 meet+ ! requirem5ts ( its   
fund+ improvem5t or rehabilitation plan 
&1 if n1 a summ>y ( ! prim>y reasons !  
plan is n mak+ ! s*$ul$ progress1       
7,,iii7 ! fund$ p]c5tage ( ! plan       
det]m9$ z ( ! fir/ day ( ! curr5t plan  
ye> & ! value ( assets & liabilities us$
 to calculate su* fund$ p]c5tage1       
7,,iv7 a projection ( ! fund+ /&>d      
acc\nt on a ye>-by-ye> basis = ! curr5t 
plan ye> & ! n9e succe$+ plan ye>s & a  
/atem5t ( ! actu>ial assumptions = su*  
projections1 &  7,v7 7aa7 subject to    
item 7bb71 a projection ( ! ca% fl[ ( ! 
plan & actu>ial assumptions = ! curr5t  
plan ye> & six succe$+ plan ye>s1 &     
7bb7 9 ! case 9 :i* x is c]tifi$ t a    
multiemploy] plan is or w be 9 endang]$ 
or critical /atus = a plan ye>1 !       
projection ( ! ca% fl[ ( ! plan &       
actu>ial assumptions = ! curr5t ye> & t5
 succe$+ plan ye>s1  7ii7 z ( ! la/ day 

( ! prior plan ye>1 a good fai?         
det]m9ation (-- 7,i7 ! fair m>ket value 
( ! assets ( ! plan1  7,,ii7 ! numb] (  
p>ticipants :o are-- 7aa7 retir$ or     
sep>at$ f s]vice & are receiv+ b5efits1 
7bb7 retir$ or sep>at$ p>ticipants      
entitl$ to future b5efits1 &  7cc7      
active p>ticipants "u ! plan1  7,,iii7 !
 total value ( all b5efits paid dur+ !  
prior plan ye>1  7,,iv7 ! total value ( 
all contributions made to ! plan dur+ ! 
prior plan ye>1 &  7,v7 ! total value ( 
all inve/m5t ga9s or losses dur+ ! prior
 plan ye>1  7iii7 a description ( any   
mat]ial *anges dur+ ! previ\s plan ye>  
to ! rates at :i* p>ticipants accrue    
b5efits or ! rate at :i* employ]s       
contribute1  7iv7 a copy ( any fund+    
improvem5t plan1 rehabilitation plan1 & 
any update !reto or modification !re(1 t
 0 adopt$ "u ?is section prior to ! fil+
 ( ! report = ! curr5t plan ye> 9       
accordance ) ?is subp>agraph &1 if      
applicable1 aft] ! fil+ ( ! report      
requir$ by ?is subp>agraph = ! prior    

plan ye>1  7v7 9 ! case ( any plan      
am5dm5t1 s*$ul$ b5efit increase or      
r$uction1 or o!r kn[n ev5t tak+ effect 9
 ! curr5t plan ye> & hav+ a mat]ial     
effect on plan liabilities or assets = !
 ye> 7z def9$ 9 regulations by ! ,,erisa
 ag5cies71 an explanation ( ! am5dm5t1  
s*$ul$ increase or r$uction1 or ev5t1 & 
a projection to ! end ( su* plan ye> ( !
 effect ( ! am5dm5t1 s*$ul$ increase or 
r$uction1 or ev5t on plan liabilities1  
7vi7 9 ! case ( a multiemploy] plan     
c]tifi$ to be 9 critical /atus = :i* !  
plan sponsor has det]m9$ t1 bas$ on     
reasonable actu>ial assumptions & ^u    
exhau/ion ( all reasonable measures1 !  
plan _c reasonably be expect$ to em]ge f
 critical /atus by ! end ( !            
rehabilitation p]iod1 a description (   
all reasonable measures1 :e!r or n su*  
measures 7 implem5t$1 & a summ>y ( !    
consid]ation ( su* measures1  7vii7 a   
good fai? /atem5t describ+-- 7,i7 !     
)drawal ( any employ] dur+ ! prior plan 
ye> & ! p]c5tage ( total contributions  

made by t employ] dur+ ! prior plan ye>1
  7,,ii7 any mat]ial r$uction 9 total   
contributions or )drawal liability      
paym5ts ( any employ]s & ! reason = su* 
r$uction1  7,,iii7 any significant      
r$uction 9 ! numb] ( active plan        
p>ticipants & ! reason = su* r$uction1 &
  7,,iv7 ! annual )drawal liability     
paym5t ea* employ] is obligat$ to pay to
 ! plan = ! plan ye>1 :e!r t am\nt 0    
collect$ by ! plan 7& if n1 ! am\nt t 0 
collect$71 & ! rema9+ ye>s on !         
employ]'s obligation to make )drawal    
liability paym5ts1 &  7viii7 su* o!r    
in=mation z may be requir$ by ! ,,erisa 
ag5cies by regulation4  2  7iii7 by     
/rik+ subp>agraph 7,c7 & ins]t+ !       
foll[+3  7,c7 ,=m & mann] ,! report     
requir$ by subp>agraph 7,a7 %all be fil$
 electronically 9 accordance )          
regulations prescrib$ by ! ,,erisa      
ag5cies4  2  7iv7 9 subp>agraph 7,d7--  
7,i7 by r$esignat+ clauses 7ii7 & 7iii7 
z clauses 7iii7 & 7iv71 respectively2   
7,,ii7 by ins]t+ aft] clause 7i7 !      

foll[+3  7ii7 ,plans 9 endang]$ or      
critical /atus ,if x is c]tifi$ "u      
subp>agraph 7,a7 t a multiemploy] plan  
is or w be 9 endang]$ or critical /atus1
 ! plan sponsor %all include 9 ! notice 
"u clause 7i7-- 7,i7 a /atem5t describ+ 
h[ a p]son may obta9 a copy ( ! plan's  
fund+ improvem5t or rehabilitation plan1
 z appropriate1 adopt$ "u ?is section & 
! actu>ial & f9ancial data t demon/rate 
any action tak5 by ! plan t[>d fiscal   
improvem5t1  7,,ii7 a summ>y ( any fund+
 improvem5t plan1 rehabilitation plan1 &
 any update !reto or modification !re(1 
adopt$ "u ?is section prior to ! furni%+
 ( su* notice1  7,,iii7 a summ>y ( !    
rules gov]n+ reorganization or          
insolv5cy1 includ+ ! limitations on     
b5efit paym5ts1 &  7,,iv7 a g5]al       
description ( ! b5efits "u ! plan :i*   
are eligible to be gu>ante$ by ! ,p5sion
 ,b5efit ,gu>anty ,corporation & an     
explanation ( ! limitations on !        
gu>antee & ! circum/ances "u :i* su*    
limitations apply4  2 &  7,,iii7 9      

clause 7iv71 z s r$esignat$-- 7aa7 by   
/rik+ ,! ,secret>y1 9 consultation ) !  
,secret>y ( ,labor & ins]t+ ,! ,,erisa  
ag5cies2 &  7bb7 by /rik+ clause 7ii7 & 
ins]t+ clauses 7ii7 & 7iii72 &  7v7 by  
add+ at ! end ! foll[+3  7,e7           
,designation & coord9ation ,! ,,erisa   
ag5cies %all-- 7i7 designate "o ,,erisa 
ag5cy to receive ! report describ$ 9    
subp>agraph 7,a7 on behalf ( all !      
,,erisa ag5cies1 :i* %all ea* h full    
access to su* report2 &  7ii7 consult ) 
ea* o!r & develop rules1 regulations1   
practices1 & =ms1 :i* to ! ext5t        
appropriate = ! effici5t adm9i/ration ( 
! provisions ( ?is p>agraph are design$ 
to replace duplication ( ef=t1          
duplication ( report+1 conflict+ or     
ov]lapp+ requirem5ts1 & ! burd5 (       
compliance ) su* provisions by plan     
adm9i/rators & plan sponsors4  7,f7     
,,erisa ag5cies ,9 ?is p>agraph1 ! t]m  
,,erisa ag5cies means ! ,secret>y (     
,labor1 ! ,secret>y ( ! ,treasury1 & !  
,p5sion ,b5efit ,gu>anty ,corporation4  

4  7,c7 ,disclosures by plans reg>d+    
/atus ,section #djjc ( ! ,employee      
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #acjc7 is am5d$--  
7i7 9 ! section head+1 by ins]t+ 2      
,multiemploy] ,plan ,in=mation aft]     
,actions2 &  7ii7 by add+ at ! end !    
foll[+3  7g7 ,! corporation is au?oriz$ 
to require su* in=mation z x deems      
necess>y to inve/igate or review any    
facts1 conditions1 or o!r matt]s relat$ 
to ! actu>ial c]tification & report by  
multiemploy] plans "u section           
#cje7;b77#c77;,a71 or to obta9 su*      
in=mation z any duly au?oriz$ committee 
or subcommittee ( ! ,congress may reque/
 ) respect to su* plans4 ,! prec$+      
s5t5ce %all be consid]$ a /atute        
describ$ 9 section #eeb7;b77#c7 ( title 
#e1 ,unit$ ,/ates ,code1 & ! in=mation  
receiv$ pursuant to su* s5t5ce %all be  
exempt f disclosure "u su* section      
#eeb7;b74  4  7#c7 ,civil en=cem5t  7,a7
 ,9 g5]al ,section #ejb7;c7 ( !         
,employee ,retirem5t ,income ,security  

,act ( #aigd 7#bi ,u4,s4,c4 #aacb7 is   
am5d$-- 7i7 9 p>agraph 7#g7-- 7,i7 by   
/rik+ 7#g7 ,! ,secret>y & ins]t+        
7#g77;,a7 ,! ,secret>y2 &  7,,ii7 by    
add+ at ! end ! foll[+3  7,b7 ,!        
,secret>y may assess a civil p5alty     
aga9/ a plan adm9i/rator 7or plan       
sponsor ) respect to ! notice ( endang]$
 or critical /atus7 ( up to #aaj p] day 
f ! date ( ! plan adm9i/rator's or      
sponsor's failure or refusal to provide 
! relevant notices "u section #aja7;f7  
or section #cje7;b77#c77;,d7 to a       
recipi5t o!r ?an ! ,secret>y or !       
,p5sion ,b5efit ,gu>anty ,corporation4  
,= purposes ( ?is p>agraph1 ea*         
violation ) respect to any s+le recipi5t
 %all be treat$ z a sep>ate violation4  
2  7ii7 by r$esignat+ ! second p>agraph 
7#aj7 7reg>d+ coord9at+ en=cem5t "u     
section #ejb7;c7 ( su* ,act ) en=cem5t  
"u section #aadd7;c77#h7 ( ! ,social    
,security ,act7 z p>agraph 7#ab72 &     
7iii7 by ins]t+ aft] p>agraph 7#aj7     
7reg>d+ en=cem5t au?ority relat+ to use 

( g5etic in=mation7 ! foll[+3  7#aa7    
7,a7 ,! ,secret>y may assess a civil    
p5alty aga9/ any plan sponsor ( up to   
#a1ajj p] day f ! date ( ! plan         
sponsor's failure to file ) ! ,secret>y 
! notice requir$ "u section             
#cje7;b77#c77;,d7 or ) ! ,p5sion ,b5efit
 ,gu>anty ,corporation ! notice requir$ 
"u section #aja7;f74  7,b7 ,! ,secret>y 
may assess a civil p5alty aga9/ any plan
 sponsor ( up to #a1ajj p] day f ! date 
( ! plan sponsor's failure to file ) !  
,,erisa ag5cy designat$ 9 accordance )  
subp>agraph 7,e7 ( section #cje7;b77#c7 
! report "u subp>agraph 7,a7 ( su*      
section4  4  7,b7 ,con=m+ am5dm5t       
,section #ejb7;a77#f7 ( su* ,act is     
am5d$ by /rik+ or 7#i7 & ins]t+ 7#i71   
7#aj71 or 7#aa74  7b7 ,coord9ation )    
respect to multiemploy] plans  7#a7 ,9  
g5]al ,subtitle ,a ( title ,,iii ( !    
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #abja et    
seq47 is am5d$ by add+ at ! end !       
foll[+3  #cjje4 ,database ( multiemploy]

 plan in=mation  7a7 ,9 g5]al ,!        
,secret>y ( ,labor1 ! ,secret>y ( !     
,treasury1 & ! ,p5sion ,b5efit ,gu>anty 
,corporation %all jo9tly e/abli% an     
electronic database t conta9s ! foll[+  
in=mation3 7#a7 ,ea* def9$ b5efit plan  
fund+ notice submitt$ to ! ,p5sion      
,b5efit ,gu>anty ,corporation by a      
multiemploy] plan "u section #aja7;f74  
7#b7 ,ea* report submitt$ by a          
multiemploy] plan "u section            
#cje7;b77#c77;,a74  7#c7 ,ea* notice    
submitt$ to ! ,secret>y ( ,labor & !    
,p5sion ,b5efit ,gu>anty ,corporation by
 a multiemploy] plan "u section         
#cje7;b77#c77;,d74  7b7 ,%>$ access to  
database ,subject to ! agreem5t describ$
 9 subsection 7c71 ! ,secret>y ( ,labor1
 ! ,secret>y ( ! ,treasury1 & ! ,p5sion 
,b5efit ,gu>anty ,corporation %all h    
full access to ! data 9 ! database      
e/abli%$ "u subsection 7a74 ,to avoid   
unnecess>y exp5se & duplication (       
functions among ! ag5cies1 ! ,secret>y (
 ,labor1 ! ,secret>y ( ! ,treasury1 & ! 

,p5sion ,b5efit ,gu>anty ,corporation   
may make su* arrangem5ts & agreem5ts =  
coop]ation or mutual assi/ance ) respect
 to access to & utilization ( ! data 9 !
 database4  7c7 ,%>$ co/ ( database ,!  
,secret>y ( ,labor1 ! ,secret>y ( !     
,treasury1 & ! ,p5sion ,b5efit ,gu>anty 
,corporation %all execute a co/ %>+     
agreem5t to equitably allocate ! design1
 implem5tation1 & ma9t5ance co/s ( !    
database e/abli%$ "u subsection 7a74    
7d7 ,exemption ,! in=mation conta9$ 9 ! 
report describ$ "u subsection 7a77#b7   
%all be exempt f disclosure "u section  
#eeb7;b7 ( title #e1 ,unit$ ,/ates      
,code4 ,= purposes ( su* section #eeb ( 
title #e1 ,unit$ ,/ates ,code1 ?is      
subsection %all be consid]$ a /atute    
describ$ 9 subsection 7b77#c7 ( su*     
section #eeb4  4  7#b7 ,cl]ical am5dm5t 
,! table ( sections = subtitle ,a (     
title ,,iii ( ! ,employee ,retirem5t    
,income ,security ,act ( #aigd is am5d$ 
by add+ at ! end ! foll[+ new item3     
#cjje4 ,database ( multiemploy] plan    

in=mation4  4  7c7 ,applicability ,?is  
section 7& ! am5dm5ts made by ?is       
section7 %all apply to plan ye>s beg9n+ 
aft] ! date t is #a ye> aft] ! date (   
enactm5t ( ?is ,act4  ,b ,improvem5ts to
 ! p5sion insurance program  #caa4      
,modifications ( te*nical *anges made by
 ! ,p5sion ,protection ,act ( #bjjf to  
t]m9ation liability  7a7 ,9 g5]al       
,section #djfb7;c7 ( ! ,employee        
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #acfb7;c77 is am5d$
 by /rik+ p>agraphs 7#a7 & 7#b7 & ins]t+
 ! foll[+3  7#a7 ! aggregate unpaid     
m9imum requir$ contributions 7)9 ! mean+
 ( section #diga7;c77#d7 ( ! ,int]nal   
,rev5ue ,code ( #aihf7 ( ! plan 7if any7
 = ! plan ye> 9 :i* ! t]m9ation date    
occurs & = all prec$+ plan ye>s1        
includ+1 = purposes ( ?is p>agraph1 !   
am\nt ( any increase 9 su* aggregate    
unpaid m9imum requir$ contributions t   
w\ld result if-- 7,a7 all p5d+          
applications = waiv]s ( ! m9imum fund+  
/&>d "u section #cjb7;c7 ( ?is ,act &   

section #dab7;c7 ( su* ,code ) respect  
to su* plan 7 d5i$1 &  7,b7 no          
additional contributions 7o!r ?an ^?    
already made by ! t]m9ation date7 7 made
 = ! plan ye> 9 :i* ! t]m9ation date    
occurs or = any previ\s plan ye>1 &     
7#b7 ! unamortiz$ portion 7if any7 ( any
 am\nts waiv$ = ! plan "u section       
#cjb7;c7 ( ?is ,act & section #dab7;c7 (
 su* ,code =-- 7,a7 ! plan ye> 9 :i* !  
t]m9ation date occurs1 &  7,b7 all      
prec$+ plan ye>s1  4  7b7 ,effective    
date ,! am5dm5ts made by ?is section    
%all take effect z if includ$ 9 section 
#ajg ( ! ,p5sion ,protection ,act (     
#bjjf 7,public ,law #aji-bhj2 #abj ,/at4
 #haf74  #cab4 ,paym5t ( lump sum       
di/ributions 9 bankruptcy  7a7 ,am5dm5ts
 to ,,erisa ,! second s5t5ce ( section  
#bjf7;g77#c77;,b7 ( ! ,employee         
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajef7;g77#c77 is  
am5d$ to read z foll[s3 ,! prec$+ s5t5ce
 %all n apply on or aft] ! date on :i* !
 enroll$ actu>y ( ! plan c]tifies t !   

adju/$ fund+ t>get atta9m5t p]c5tage (  
su* plan 7det]m9$ by n tak+ into acc\nt 
any adju/m5t ( segm5t rates "u section  
#cjc7;h77#b77;,c77iv77 is n less ?an    
#ajj p]c5t44  7b7 ,am5dm5ts to #aihf    
,code ,! second s5t5ce ( section        
#dcf7;d77#b7 ( ! ,int]nal ,rev5ue ,code 
( #aihf is am5d$ to read z foll[s3 ,!   
prec$+ s5t5ce %all n apply on or aft] ! 
date on :i* ! enroll$ actu>y ( ! plan   
c]tifies t ! adju/$ fund+ t>get atta9m5t
 p]c5tage ( su* plan 7det]m9$ by n tak+ 
into acc\nt any adju/m5t ( segm5t rates 
"u section #dcj7;h77#b77;,c77iv77 is n  
less ?an #ajj p]c5t44  7c7 ,effective   
date ,! am5dm5ts made by ?is section    
%all take effect z ( ,july #f1 #bjab4   
#cac4 ,tru/ee%ip cl>ifications  7a7     
,appo9tm5t ( tru/ees 9 plan t]m9ation   
in/itut$ by ,,pbgc  7#a7 ,9 g5]al       
,subsections 7a7 & 7b7 ( section #djjb  
7#bi ,u4,s4,c4 #acdb7 are am5d$ to read 
z foll[s3  7a7 ,au?ority ,to in/itute   
proce$+s ,to t]m9ate a plan  7#a7 ,9    
g5]al ,! corporation may in/itute       

proce$+s "u ?is section to t]m9ate a    
plan :5ev] x det]m9es t ! plan mu/ be   
t]m9at$ 9 ord] to protect ! int]e/s ( ! 
p>ticipants or to avoid any unreasonable
 det]ioration ( ! f9ancial condition ( !
 plan or any unreasonable increase 9 !  
liability ( ! corporation1 z %[n by "o  
or m ( ! foll[+ conditions3 7,a7 ,! plan
 has n met ! m9imum fund+ /&>d requir$  
"u section #dab ( ! ,int]nal ,rev5ue    
,code ( #aihf1 or has be5 notifi$ by !  
,secret>y ( ! ,treasury t a notice (    
defici5cy "u section #fbab ( su* ,code  
has be5 mail$ ) respect to ! tax impos$ 
"u section #diga7;a7 ( su* ,code4  7,b7 
,! plan w be unable to pay b5efits :5   
due4  7,c7 ,! reportable ev5t describ$ 9
 section #djdc7;c77#g7 has occurr$4     
7,d7 ,! possible long-run loss ( !      
corporation ) respect to ! plan may     
reasonably be expect$ to increase       
unreasonably if ! plan is n t]m9at$4    
7#b7 ,requirem5t ,! corporation %all1 z 
soon z practicable1 in/itute proce$+s "u
 ?is section to t]m9ate a s+le-employ]  

plan :5ev] ! corporation det]m9es t !   
plan does n h assets available to pay   
b5efits :i* are curr5tly due "u ! t]ms (
 ! plan4 ,not)/&+ any o!r provision (   
?is sub*apt]1 ! corporation %all1 to !  
ext5t practicable1 pool assets ( t]m9at$
 plans = purposes ( adm9i/ration1       
inve/m5t1 paym5t ( liabilities ( all su*
 t]m9at$ plans1 & su* o!r purposes z !  
corporation det]m9es to be appropriate 9
 ! adm9i/ration ( ?is title4  7b7       
,appo9tm5t ( ! ,corporation ,to ,adm9i/]
 ,plan  7#a7 ,9 g5]al ,:5ev] !          
corporation makes a det]m9ation "u      
subsection 7a7 ) respect to a plan or is
 requir$ "u subsection 7a7 to in/itute  
proce$+s "u ?is section1 ! corporation  
may1 ^u notice to ! plan1 apply to !    
appropriate ,unit$ ,/ates di/rict c\rt  
to appo9t ! corporation z ! p]son to    
adm9i/] ! plan ) respect to :i* !       
det]m9ation is made p5d+ ! issuance ( a 
decree "u subsection 7c7 ord]+ !        
t]m9ation ( ! plan4 ,if1 )9 #c bus9ess  
days aft] ! fil+ ( an application "u ?is

 subsection 7or su* o!r p]iod z ! c\rt  
may ord]71 ! adm9i/rator ( ! plan       
cons5ts to ! appo9tm5t ( ! corporation  
to adm9i/] ! plan1 or fails to %[ :y !  
corporation %\ld n be s appo9t$1 ! c\rt 
may grant ! application & appo9t !      
corporation to adm9i/] ! plan 9         
accordance ) its t]ms until !           
corporation det]m9es t ! plan %\ld be   
t]m9at$ or t t]m9ation is unnecess>y4   
7#b7 ,appo9tm5t ,not)/&+ any o!r        
provision ( ?is title-- 7,a7 ^u !       
petition ( a plan adm9i/rator or !      
corporation1 ! appropriate ,unit$ ,/ates
 di/rict c\rt may appo9t ! corporation  
to adm9i/] ! plan 9 accordance ) !      
provisions ( ?is section if ! int]e/s ( 
! plan p>ticipants w\ld be bett] s]v$ by
 su* appo9tm5t1 &  7,b7 ^u ! petition ( 
! corporation1 ! appropriate ,unit$     
,/ates di/rict c\rt %all appo9t a tru/ee
 propos$ by ! corporation = a           
multiemploy] plan :i* is 9              
reorganization to :i* section           
#djda;,a7d7 applies1 unless su*         

appo9tm5t w\ld be adv]se to ! int]e/s ( 
! plan p>ticipants & b5efici>ies 9 !    
aggregate4  7#c7 ,agreem5t to appo9tm5t 
,! corporation & plan adm9i/rator may   
agree to ! appo9tm5t ( ! corporation to 
adm9i/] ! plan )\t proce$+ 9 accordance 
) ! requirem5ts ( p>agraphs 7#a7 & 7#b74
  4  7#b7 ,con=m+ am5dm5ts  7,a7        
,subsection 7c7 ( su* section #djdb is  
am5d$-- 7i7 by /rik+ 7c77#a7 & all t    
foll[s ?r\gh ! end ( p>agraph 7#a7 &    
ins]t+ ! foll[+3  7c7 ,decree en=c+     
det]m9ation t plan mu/ be t]m9at$  7#a7 
,c\rt decree  7,a7 ,application ,if !   
corporation is requir$ "u subsection 7a7
 to comm5ce proce$+s "u ?is section )   
respect to a plan or1 aft] issu+ a      
notice "u ?is section to a plan         
adm9i/rator1 has det]m9$ t ! plan %\ld  
be t]m9at$1 ! corporation may1 ^u notice
 to ! plan adm9i/rator1 apply to !      
appropriate ,unit$ ,/ates di/rict c\rt =
 a decree en=c+ ! corporation's         
det]m9ation t ! plan be t]m9at$4  7,b7  
,decree  7i7 ,9 g5]al ,! di/rict c\rt   

%all issue ! decree "u subp>agraph 7,a7 
unless su* c\rt f9ds1 ^u review ( !     
adm9i/rative record ( ! corporation's   
det]m9ation "u subsection 7a71 t su*    
det]m9ation 0 arbitr>y1 caprici\s1 an   
abuse ( discretion1 or o!rwise n 9      
accordance ) law4  7ii7 ,effect ( decree
 ,^u grant+ a decree = :i* ! corporation
 has appli$ "u ?is subsection1 ! c\rt   
%all au?orize ! corporation if appo9t$  
"u subsection 7b7 7or appo9t !          
corporation if su* corporation has n be5
 appo9t$ "u su* subsection & au?orize ! 
corporation7 to t]m9ate ! plan 9        
accordance ) ! provisions ( ?is         
subtitle4  7,c7 ,waiv] ( application ,if
 ! corporation & ! plan adm9i/rator     
agree t a plan %\ld be t]m9at$ & agree  
to ! appo9tm5t ( ! corporation to c>ry  
out ! t]m9ation ( ! plan )\t proce$+ 9  
accordance ) ! requirem5ts ( ?is        
subsection 7o!r ?an ?is subp>agraph71 ! 
corporation %all h ! p[] describ$ 9     
subsection 7d77#a7 & %all be subject to 
! duties describ$ 9 subsection 7d77#c7 &

 any o!r duties impos$ on ! corporation 
"u any o!r provision ( law or by        
agreem5t betwe5 ! corporation & ! plan  
adm9i/rator4  2 &  7ii7 9 p>agraph 7#b71
 by /rik+ 7#b7 ,9 ! case ( & ins]t+ 7#b7
 ,provid+ ( in=mation4--,9 ! case ( 4   
7,b7 ,subsection 7d7 ( su* section #djdb
 is am5d$-- 7i7 9 p>agraph 7#a77;,a7--  
7,i7 by /rik+ ,a tru/ee appo9t$ "u      
subsection 7b7 & ins]t+ ,if !           
corporation is appo9t$ to adm9i/] a plan
 "u subsection 7b71 ! corporation2      
7,,ii7 9 clause 7ii71 by /rik+ himself z
 tru/ee & ins]t+ ! corporation2  7,,iii7
 9 clause 7iii71 by /rik+ he & ins]t+ ! 
corporation2  7,,iv7 9 clause 7iv71 by  
/rik+ 8 appo9tm5t & ins]t+ ! appo9tm5t (
 ! corporation2  7,v7 9 clause 7vi71 by 
/rik+ he & ins]t+ ! corporation2  7,,vi7
 9 clause 7vii71 by /rik+ tru/ee &      
ins]t+ corporation2 &  7,,vii7 by /rik+ 
! flu% language aft] clause 7vii7 &     
ins]t+ ! foll[+3 ,if ! c\rt to :i*      
application is made "u subsection 7c7   
dismisses ! application ) prejudice1 or 

if ! corporation fails to apply = a     
decree "u subsection 7c71 )9 #cj days   
aft] ! date on :i* ! corporation is     
appo9t$ "u subsection 7b71 ! corporation
 %all transf] all assets & records ( !  
plan held by su* corporation to ! plan  
adm9i/rator n lat] ?an #c bus9ess days  
aft] su* dismissal or ! expiration ( su*
 #cj-;day p]iod1 & %all n be liable to !
 plan or any o!r p]son = ! acts ( !     
corporation 9 adm9i/]+ ! plan except =  
willful misconduct or gross neglig5ce4  
,! #cj-;day p]iod describ$ 9 ! prec$+   
s5t5ce may be ext5d$ z provid$ by       
agreem5t betwe5 ! plan adm9i/rator & !  
corporation or by c\rt ord]4 2  7ii7 9  
p>agraph 7#a77;,b7-- 7,i7 9 ! matt]     
prec$+ clause 7i71 by /rik+ tru/ee &    
ins]t+ corporation2  7,,ii7 by /rik+    
clauses 7iii7 & 7v72  7,,iii7 by        
r$esignat+ clause 7iv7 z clause 7iii72 &
  7,,iv7 by r$esignat+ clauses 7vi7     
?r\gh 7viii7 z clauses 7iv7 ?r\gh 7vi71 
respectively2  7iii7 9 p>agraph 7#b7--  
7,i7 9 ! matt] prec$+ subp>agraph 7,a7  

by /rik+ 8 appo9tm5t1 ! tru/ee & ins]t+ 
! appo9tm5t ( ! corporation to adm9i/] !
 plan1 ! corporation2 &  7,,ii7 9       
subp>agraph 7,d7 by /rik+ section2 &    
7iv7 by /rik+ p>agraph 7#c7 & ins]t+ !  
foll[+3  7#c7 ,except to ! ext5t        
inconsi/5t ) ! provisions ( ?is ,act1 ! 
corporation1 z appo9t$ "u ?is section1  
%all be subject to ! same duties z ^? ( 
a tru/ee "u section #gjd ( title #aa1   
,unit$ ,/ates ,code1 & %all be1 )       
respect to ! plan1 a fiduci>y )9 ! mean+
 ( section #c7ba7 7except to ! ext5t t !
 provisions ( ?is title are inconsi/5t )
 ! requirem5ts applicable "u "p #d (    
subtitle ,b ( title ,i74 ,not)/&+ any   
ref]5ces 9 ?is section to adm9i/]+ a    
plan1 ! corporation %all n be consid]$ a
 plan adm9i/rator )9 ! mean+ ( section  
#c & %all n be subject to ! duties ( a  
plan adm9i/rator "u title ,i1 includ+ ! 
duty to file reports on behalf ( ! plan4
  7#d7 ,:5 appo9t$ "u subsection 7b7 to 
adm9i/] a plan or grant$ a decree to    
t]m9ate a plan "u subsection 7c71 !     

corporation %all1 )9 #cj days ( !       
receipt ( a writt5 reque/ f any         
p>ticipant or b5efici>y ( ! plan 7or z  
soon z practicable !reaft]71 furni% a   
copy ( ! plan docum5t1 summ>y plan      
description1 & o!r in/rum5ts "u :i* !   
plan is e/abli%$ or op]at$ t relate to !
 p>ticipant's or b5efici>y's b5efit "u !
 plan4 ,! corporation may *>ge a        
reasonable fee to cov] ! co/ ( furni%+  
complete copies4  4  7,c7 ,subsection   
7f7 ( su* section #djdb is am5d$ to read
 z foll[s3  7f7 ,^u ! fil+ ( an         
application = ! appo9tm5t ( !           
corporation to adm9i/] a plan or !      
issuance ( a decree "u ?is section1 !   
c\rt to :i* an application is made %all 
h exclusive jurisdiction ( ! plan       
involv$ & prop]ty ( ! plan1 :]ev]       
locat$1 ) ! p[]s1 to ! ext5t consi/5t ) 
! purposes ( ?is section1 ( a c\rt ( !  
,unit$ ,/ates hav+ jurisdiction ov]     
cases "u *apt] #aa ( title #aa1 ,unit$  
,/ates ,code4 ,p5d+ an adjudication "u  
subsection 7c71 su* c\rt %all /ay1 & ^u 

appo9tm5t ( ! corporation to c>ry out ! 
t]m9ation ( ! plan "u ?is section1 su*  
c\rt %all cont9ue ! /ay ( any p5d+      
mortgage =eclosure1 equity receiv]%ip1  
or o!r proce$+ to reorganize1 cons]ve1  
or liquidate ! plan or ! prop]ty ( !    
plan & any o!r suit aga9/ any receiv]1  
cons]vator1 or tru/ee ( ! plan or       
prop]ty ( ! plan4 ,p5d+ su* adjudication
 & ^u ! appo9tm5t ( ! corporation to    
c>ry out ! t]m9ation ( ! plan1 ! c\rt   
may /ay any proce$+ to en=ce a li5 aga9/
 prop]ty ( ! plan or any o!r suit aga9/ 
! plan4  4  7,d7 ,su* section #djdb is  
am5d$ by /rik+ subsection 7h74  7b7 ,o!r
 con=m+ & te*nical am5dm5ts  7#a7       
,section #djjb7;h77#a7 ( su* ,act 7#bi  
,u4,s4,c4 #acjb7;h77#a77 is am5d$-- 7,a7
 9 ! fir/ s5t5ce-- 7i7 9 subp>agraph    
7,a71 by /rik+ ! appo9tm5t ( tru/ees 9  
t]m9ation proce$+s & ins]t+ ! appo9tm5t 
( ! corporation to adm9i/] or c>ry out a
 t]m9ation ( a plan "u section #djdb2 & 
7ii7 9 subp>agraph 7,c71 by /rik+ "u a  
tru/ee & ins]t+ "u ! corporation2 &     

7,b7 9 ! second s5t5ce-- 7i7 by /rik+   
recomm5d p]sons = appo9tm5t z tru/ees 9 
t]m9ation proce$+s12  7ii7 by /rik+ !   
comma aft] funds2 &  7iii7 by /rik+ "u a
 tru/ee & ins]t+ "u ! corporation4  7#b7
 ,section #djjc ( su* ,act 7#bi         
,u4,s4,c4 #acjc7 is am5d$-- 7,a7 9      
subsection 7e77#f77;,b71 by am5d+ clause
 7ii7 to read z foll[s3  7ii7 ,if !     
corporation br+s ! action on behalf ( a 
plan t ! corporation 0 appo9t$ to       
adm9i/] or t]m9ate "u section #djdb1 !  
applicable date specifi$ 9 ?is          
subp>agraph is ! date on :i* !          
corporation 0 s appo9t$ if su* date is  
lat] ?an ! date describ$ 9 clause 7i74  
2 &  7,b7 9 subsection 7f77#d71 by /rik+
 ! corporation 9 its capacity z a tru/ee
 "u section #djdb or #djdi & ins]t+ !   
corporation 9 its capacity z a tru/ee "u
 section #djdi or 9 its capacity 9      
adm9i/]+ a plan pursuant to its         
appo9tm5t "u section #djdb7;b7 or c>ry+ 
out ! t]m9ation ( a plan pursuant to its
 appo9tm5t "u section #djdb7;c74  7#c7  

,section #djjd7;b7 ( su* ,act 7#bi      
,u4,s4,c4 #acjd7;b77 is am5d$-- 7,a7 9  
p>agraph 7#a71 by /rik+ p5sion plans    
tru/e$ by ! corporation & ins]t+ p5sion 
plans = :i* ! corporation has be5       
appo9t$ "u section #djdb to c>ry out _! 
t]m9ation2 &  7,b7 9 p>agraph 7#b71 by  
/rik+ plans tru/e$ by ! corporation &   
ins]t+ plans = :i* ! corporation has be5
 appo9t$ "u section #djdb to c>ry out _!
 t]m9ation4  7#d7 ,section              
#djje7;b77#a77;,b7 ( su* ,act 7#bi      
,u4,s4,c4 #acje7;b77#a77;,b77 is am5d$  
by /rik+ a plan adm9i/]$ "u section     
#djdb by a tru/ee & ins]t+ a plan t !   
corporation has be5 appo9t$ to t]m9ate  
"u section #djdb4  7#e7 ,section        
#djjg7;a7 ( su* ,act 7#bi ,u4,s4,c4     
#acjg7;a77 is am5d$ by /rik+ a tru/ee & 
ins]t+ ! corporation4  7#f7 ,section    
#djdd ( su* ,act 7#bi ,u4,s4,c4 #acdd7  
is am5d$-- 7,a7 9 subsection 7c71 by    
/rik+ ! date a tru/ee is appo9t$ "u     
section #djdb7;b7 & ins]t+ ! date !     
corporation is appo9t$ "u section       

#djdb7;b7 to adm9i/] ! plan2 &  7,b7 9  
subsection 7f7-- 7i7 9 p>agraph         
7#b77;,c77ii71 by /rik+ ! tru/ee appo9t$
 "u section #djdb7;b7 or 7c7 & ins]t+ ! 
corporation1 = ! acc\nt ( ! plan2 &     
7ii7 9 p>agraph 7#c71 by am5d+          
subp>agraph 7,b7 to read z foll[s3  7,b7
 ! am\nt ( any liability to !           
corporation "u section #djfb7;b7 or 7c74
  4  7#g7 ,section #djde ( su* ,act 7#bi
 ,u4,s4,c4 #acde7 is am5d$ by /rik+     
tru/ee ea* place su* t]m appe>s 9       
subsections 7a7 & 7c7 & ins]t+          
corporation4  7#h7 7,a7 ,section #djdf (
 su* ,act 7#bi ,u4,s4,c4 #acdf7 is      
repeal$4  7,b7 ,! table ( sections =    
subtitle ,c ( title ,,iv ( su* ,act is  
am5d$ by /rik+ ! item relat+ to section 
#djdf4  7#i7 ,section #djdh ( su* ,act  
7#bi ,u4,s4,c4 #acdh7 is am5d$-- 7,a7 9 
subsection 7a77#d71 by /rik+ 7or !      
tru/ee72 &  7,b7 9 subsection 7b77#b71  
by /rik+ 7or ! tru/ee appo9t$ "u section
 #djdb7;b77#b71 if any74  7#aj7 ,section
 #djej7;a77#b7 ( su* ,act 7#bi ,u4,s4,c4

 #acej7;a77#b77 is am5d$ by /rik+ to !  
corporation z tru/ee1 & %all be held )  
assets ( t]m9at$ plans = :i* !          
corporation is tru/ee "u section #djdb &
 ins]t+ to ! corporation1 z appo9t$ "u  
section #djdb to c>ry out ! t]m9ation ( 
a plan1 & %all be held ) assets (       
t]m9at$ plans t ! corporation has be5   
appo9t$ to t]m9ate "u section #djdb4    
7#aa7 ,section #djfb ( su* ,act 7#bi    
,u4,s4,c4 #acfb71 z am5d$ by sections   
#cjc & #cba1 is am5d$-- 7,a7 9          
subsection 7a71 by /rik+ p>agraphs 7#a7 
& 7#b7 & ins]t+ ! foll[+3  7#a7         
liability to ! corporation1 = ! acc\nt (
 ! corporation1 to ! ext5t provid$ 9    
subsection 7b71 &  7#b7 liability to !  
corporation1 = ! acc\nt ( ! plan1 to !  
ext5t provid$ 9 subsection 7c74  2  7,b7
 9 ! head+ ( subsection 7b71 by ins]t+ =
 its own acc\nt aft] corporation2 &     
7,c7 9 subsection 7c7-- 7i7 9 ! head+1  
by /rik+ section #djdb tru/ee & ins]t+ !
 ,corporation = ! ,acc\nt ( ! ,plan2 &  
7ii7 9 ! matt] prec$+ p>agraph 7#a71 by 

/rik+ ! tru/ee appo9t$ "u subsection 7b7
 or 7c7 ( section #djdb & ins]t+ !      
corporation1 = ! acc\nt ( ! plan1 z     
appo9t$ "u section #djdb to c>ry out !  
t]m9ation ( ! plan4  #cad4 ,recordkeep+ 
= t]m9at+ plans  7a7 ,s+le-,employ] plan
 b5efits gu>ante$ ,section #djbb ( !    
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #acbb7 is   
am5d$ by add+ at ! end ! foll[+3  7i7   
,recordkeep+ ,! ,corporation may issue  
regulations to require plan sponsors or 
plan adm9i/rators to ma9ta9 records     
necess>y to enable ! to det]m9e b5efits 
z ( ! t]m9ation date4 ,su* regulations  
may require plan sponsors or plan       
adm9i/rators to c]tify to ! corporation 
t su* records are be+ ma9ta9$4  4  7b7  
,allocation ( assets ,section #djdd ( ! 
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #acdd7 is   
am5d$ by add+ at ! end ! foll[+3  7g7   
,recordkeep+ ,! ,corporation may issue  
regulations to require plan sponsors or 
plan adm9i/rators to ma9ta9 records     

necess>y to enable ! ,corporation to    
det]m9e b5efits z ( ! t]m9ation date4   
,su* regulations may require plan       
sponsors or plan adm9i/rators to c]tify 
to ! corporation t su* records are be+  
ma9ta9$4  4  #cae4 ,t]m9ation date 9    
bankruptcy ,sections #djbb7;g7 &        
#djdd7;e7 ( ! ,employee ,retirem5t      
,income ,security ,act ( #aigd1 z add$  
by section #djd ( ! ,p5sion ,protection 
,act ( #bjjf 7,public ,law #aji-bhj2    
#abj ,/at4 #ibh71 are repeal$ z (       
,decemb] #ca1 #bjad1 & %all n apply )   
respect to proce$+s initiat$ "u title   
#aa1 ,unit$ ,/ates ,code1 or "u any     
simil> ,f$]al law or law ( a ,/ate or   
political subdivision1 on or aft] su*   
date4  ,,iv ,o!r sy/emic re=ms  #dja4   
,plan audit quality improvem5t  7a7     
,annual reports ,section #ajc7;a77#c7 ( 
! ,employee ,retirem5t ,income ,security
 ,act ( #aigd 7#bi ,u4,s4,c4            
#ajbc7;a77#c77 is am5d$-- 7#a7 9        
subp>agraph 7,a71 by /rik+ 9 con=mity ) 
g5]ally accept$ acc\nt+ pr9ciples appli$

 on a basis consi/5t ) t ( ! prec$+ ye>4
 ,su* exam9ation %all be conduct$ 9     
accordance ) g5]ally accept$ audit+     
/&>ds1 & %all involve su* te/s ( ! books
 & records ( ! plan z are consid]$      
necess>y by ! indep5d5t qualifi$ public 
acc\ntant4 & ins]t+ 9 con=mity ) g5]ally
 accept$ acc\nt+ pr9ciples1 z sup]s$$ or
 modifi$ by ! ,secret>y 9 regulations1  
appli$ on a basis consi/5t ) t ( !      
prec$+ ye>4 ,su* exam9ation %all be     
conduct$ 9 accordance ) g5]ally accept$ 
audit+ /&>ds1 except z sup]s$$ or       
modifi$ by ! ,secret>y 9 regulations1 & 
%all involve su* te/s ( ! books &       
records ( ! plan z are consid]$ necess>y
 by ! indep5d5t qualifi$ public         
acc\ntant42 &  7#b7 by add+ at ! end !  
foll[+3  7,e7 ,p]sons describ$ 9        
subp>agraphs 7i7 ?r\gh 7iii7 (          
subp>agraph 7,d7 %all be subject to su* 
additional /&>ds reg>d+ conflicts (     
int]e/1 qualifications1 & direct report+
 ( c]ta9 ev5ts su* z fraud & o!r        
irregul>ities z ! ,secret>y may         

prescribe 9 regulations4  4  7b7 ,civil 
en=cem5t ,section #ejb7;c77#b7 ( !      
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4             
#aacb7;c77#b77 is am5d$ by add+ at ! end
 ! foll[+ new s5t5ce3 ,if ! ,secret>y   
rejects an annual report 9 :ole or 9 "p 
due to ! failure to comply ) a          
requirem5t ( section #ajc impos$ on an  
acc\ntant1 actu>y1 or o!r p]son1 !      
,secret>y may assess all or "p ( ! civil
 p5alty aga9/ su* p]son4 ,! ,secret>y   
may require rem$iation 9 place ( assess+
 all or "p ( a p5alty44  7c7 ,deb>m5t = 
defici5t audits or = fail+ ,to meet     
qualification /&>ds  7#a7 ,9 g5]al ,"p  
#e ( subtitle ,b ( title ,i ( !         
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #aaca et    
seq47 is am5d$ by add+ at ! end !       
foll[+3  #ebb4 ,deb>m5t = defici5t      
audits or = fail+ to meet qualification 
/&>ds  7a7 ,9 g5]al ,if ! ,secret>y     
f9ds1 aft] notice & opportunity = a     
he>+1 t an acc\ntant or acc\nt+ firm has

 engag$ 9 any act or practice1 or fail$ 
to act1 9 violation ( section #ajc      
relat+ to ! prep>ation & issuance (     
audit reports1 or ) pr(essional /&>ds1 !
 ,secret>y may issue an ord] to b> an   
acc\ntant or acc\nt+ firm 7or division  
or compon5t ( su* firm71 on a tempor>y  
or p]man5t basis1 f directly or         
indirectly engag+ 9 specifi$ activities 
relat+ to p]=m+ or sup]vis+ plan audits 
requir$ "u section #ajc4  7b7 ,he>+s ,! 
subject ( a deb>m5t ord] may reque/ a   
he>+ & file an answ] n lat] ?an #cj days
 aft] ! date ( s]vice ( ! notice ( !    
deb>m5t ord]1 9 accordance ) regulations
 prescrib$ by ! ,secret>y4 ,failure to  
reque/ a he>+ )9 su* #cj-;day p]iod %all
 con/itute a waiv] ( ! "r to appe> &    
conte/ ! facts alleg$ 9 ! deb>m5t ord] &
 an admission ( ! facts alleg$ 9 ! ord] 
= purposes ( any relat$ proce$+s "u ?is 
"p4 ,su* ord] %all !n become a f9al     
ag5cy action "u section #gjd ( title #e1
 ,unit$ ,/ates ,code4  7c7 ,modification
 or t]m9ation ( ord]s ,! ,secret>y may  

modify or t]m9ate an ord] issu$ "u ?is  
section1 ^u ! reque/ ( ! subject ( !    
ord] & pursuant to proc$ures e/abli%$ by
 ! ,secret>y1 if ! ,secret>y det]m9es t 
su* modification or t]m9ation is 9 !    
int]e/ ( plan p>ticipants & b5efici>ies4
  7d7 ,publicity ( ord]s ,! ,secret>y   
%all make all f9al ord]s "u ?is section 
7includ+ modifi$ ord]s7 public & %all   
notify applicable ,/ate regulatory      
organizations ^u ! issuance ( su* f9al  
ord]s 7includ+ modifi$ ord]s74  7e7     
,jurisdiction ,lawsuits by ! subject (  
an ord] to review ! f9al ord] ( !       
,secret>y may be br\ght only 9 ! di/rict
 c\rt ( ! ,unit$ ,/ates = ! di/rict :]e 
! subject ( ! ord] has its pr9cipal     
(fice or 9 ! ,unit$ ,/ates ,di/rict     
,c\rt = ! ,di/rict ( ,columbia4  7f7    
,regulations ,! ,secret>y may promulgate
 su* regulations or o!r guidance z may  
be necess>y or appropriate to c>ry out  
?is section4  4  7#b7 ,cl]ical am5dm5t  
,! table ( sections = "p #e ( subtitle  
,b ( title ,i ( ! ,employee ,retirem5t  

,income ,security ,act ( #aigd is am5d$ 
by add+ at ! end ! foll[+ new item3     
#ebb4 ,deb>m5t = defici5t audits or =   
fail+ to meet qualification /&>ds4  4   
7d7 ,exception  7#a7 ,9 g5]al ,section  
#ajc7;a77#c77;,c7 ( ! ,employee         
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajbc7;a77#c77;,c77
 is am5d$ by /rik+ if su* /atem5ts are  
c]tifi$ by ! bank1 simil> in/itution1 or
 insurance c>ri] z accurate & are made  
"p ( ! annual report4 & ins]t+ except to
 ! ext5t requir$ "u regulations         
promulgat$ by ! ,secret>y44  7#b7       
,effective date ,! am5dm5t made by      
p>agraph 7#a7 %all n become effective   
until ! ,secret>y has promulgat$ f9al   
regulations ) respect to su* am5dm5t4   
#djb4 ,special rules relat+ to treatm5t 
( qualifi$ dome/ic relations ord]s  7a7 
,pres]vation ( ,assets  7#a7 ,am5dm5ts  
to ,,erisa ,section #bjf7;d77#c7 ( !    
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4             
#ajef7;d77#c77 is am5d$-- 7,a7 by       

r$esignat+ subp>agraph 7,n7 z           
subp>agraph 7,o72 &  7,b7 by ins]t+ aft]
 subp>agraph 7,m7 ! foll[+3  7,n7       
,pres]vation ( assets  7i7 ,9 g5]al ,if 
a sp\se or =m] sp\se ( a p>ticipant--   
7,i7 notifies a plan 9 writ+ t-- 7aa7 an
 action is p5d+ pursuant to a ,/ate     
dome/ic relations law 7includ+ a        
community prop]ty law71 &  7bb7 all or a
 portion ( ! b5efits payable ) respect  
to ! p>ticipant "u ! plan are a subject 
( su* action1 &  7,,ii7 includes ) !    
notice evid5ce ( ! p5d5cy ( ! action1  !
 plan adm9i/rator %all1 dur+ !          
segregation p]iod1 sep>ately acc\nt =   
#ej p]c5t ( su* b5efits4 ,any am\nts s  
sep>ately acc\nt$ = may n be di/ribut$  
by ! plan dur+ ! segregation p]iod4     
7ii7 ,segregation p]iod  7,i7 ,9 g5]al  
,= purposes ( clause 7i71 ! t]m         
segregation p]iod means ! p]iod-- 7aa7  
beg9n+ on ! date ( receipt by ! plan ( !
 notice "u clause 7i71 &  7bb7 end+ on !
 e>li] (-- 7,,aa7 #ij days aft] ! date (
 receipt ( su* notice1 or 7,,bb7 ! date 

( receipt ( a dome/ic relations ord] )  
respect to ! p>ticipant & ! prospective 
alt]nate payee or ! date on :i* ! action
 is no long] p5d+4  7,,ii7 ,ext5sion (  
segregation p]iod ,! segregation p]iod  
%all be ext5d$ = #a or m additional     
p]iods describ$ 9 subclause 7,i7 ^u     
notice by ! sp\se or =m] sp\se t !      
action describ$ 9 clause 7i77,i77aa7 is 
/ill p5d+ z ( ! close ( any prior       
segregation p]iod4  4  7#b7 ,am5dm5ts to
 #aihf code ,section #dad7p7 ( !        
,int]nal ,rev5ue ,code ( #aihf is       
am5d$-- 7,a7 by r$esignat+ p>agraph     
7#ac7 z p>agraph 7#ad72 &  7,b7 by      
ins]t+ aft] p>agraph 7#ab7 ! foll[+3    
7#ac7 ,pres]vation ( assets  7,a7 ,9    
g5]al ,if a sp\se or =m] sp\se ( a      
p>ticipant-- 7i7 notifies a plan 9 writ+
 t-- 7,i7 an action is p5d+ pursuant to 
a ,/ate dome/ic relations law 7includ+ a
 community prop]ty law71 &  7,,ii7 all  
or a portion ( ! b5efits payable )      
respect to ! p>ticipant "u ! plan are a 
subject ( su* action1 &  7ii7 includes )

 ! notice evid5ce ( ! p5d5cy ( ! action1
  ! plan adm9i/rator %all1 dur+ !       
segregation p]iod1 sep>ately acc\nt =   
#ej p]c5t ( su* b5efits4 ,any am\nts s  
sep>ately acc\nt$ = may n be di/ribut$  
by ! plan dur+ ! segregation p]iod4  4  
7,b7 ,segregation p]iod  7i7 ,9 g5]al ,=
 purposes ( subp>agraph 7,a71 ! t]m     
segregation p]iod means ! p]iod-- 7,i7  
beg9n+ on ! date ( receipt by ! plan ( !
 notice "u clause 7i71 &  7,,ii7 end+ on
 ! e>li] (-- 7aa7 #ij days aft] ! date (
 receipt ( su* notice1 or  7bb7 ! date (
 receipt ( a dome/ic relations ord] )   
respect to ! p>ticipant & ! prospective 
alt]nate payee or ! date on :i* ! action
 is no long] p5d+4  7ii7 ,ext5sion (    
segregation p]iod ,! segregation p]iod  
%all be ext5d$ = #a or m additional     
p]iods describ$ 9 clause 7i7 ^u notice  
by ! sp\se or =m] sp\se t ! action      
describ$ 9 subp>agraph 7,a77i77,i7 is   
/ill p5d+ z ( ! close ( any prior       
segregation p]iod4  4  7b7 ,p5alty =    
failure ,to provide in=mation reg>d+    

alt]nate payees  7#a7 ,9 g5]al ,section 
#ejb7;c71 z am5d$ by section #cab1 ( !  
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #aacb7;c77  
is am5d$-- 7,a7 by r$esignat+ p>agraphs 
7#h71 7#i71 7#aj71 7#aa71 & 7#ab7 z     
p>agraphs 7#i71 7#aj71 7#aa71 7#ab71 &  
7#ac7 respectively2 &  7,b7 by ins]t+   
aft] p>agraph 7#g7 ! foll[+3  7#h7      
,failure to provide in=mation reg>d+    
alt]nate payees ,! plan adm9i/rator %all
 provide in=mation reg>d+ ! b5efit to   
prospective alt]native payees "u a      
dome/ic relations ord] "u section       
#bjf7;d77#c7 or any repres5tative ( a   
prospective alt]native payee 9          
connection ) su* an ord]4 ,! ,secret>y  
may assess a civil p5alty aga9/ any plan
 adm9i/rator ( up to #ajj a day f ! date
 ( ! plan adm9i/rator's failure or      
refusal to provide su* in=mation4  4    
7#b7 ,con=m+ am5dm5t ,section           
#ejb7;a77#f7 ( su* ,act 7#bi ,u4,s4,c4  
#aacb7;a77#f771 z s am5d$1 is am5d$ by  
/rik+ or 7#aa7 & ins]t+ 7#aa71 or 7#ab74

  7c7 ,effective date ,! am5dm5ts made  
by ?is section %all apply to plan ye>s  
beg9n+ aft] ,decemb] #ca1 #bjad4  #djc4 
,correction to bond+ requirem5t ,section
 #dab7;a77#c77;,d7 ( ! ,employee        
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #aaab7;a77#c77;,d77
 is am5d$ by /rik+ ,p>agraph 7#b7 &     
ins]t+ ,?is p>agraph4  #djd4            
,retaliation protections ,section #eaj (
 ! ,employee ,retirem5t ,income         
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#aadj7 is am5d$ by ins]t+ 1 has fil$ or 
made any oral or writt5 compla9t        
7includ+ to a fiduci>y1 an employ]1 or !
 ,secret>y71 aft] giv5 in=mation4