#aac? ,,congress  #b;d ,session  ,s4    
#baag  ,,an ,,act  ,to am5d title #e1   
,unit$ ,/ates ,code1 to *ange ! default 
inve/m5t fund "u ! ,?rift ,sav+s ,plan1 
& = o!r purposes4  #a4 ,%ort title ,?is 
,act may be cit$ z ! ,sm>t ,sav+s ,act4 
#b4 ,?rift ,sav+s ,plan default inve/m5t
 fund  7a7 ,9 g5]al ,section            
#hdch7;c77#b7 ( title #e1 ,unit$ ,/ates 
,code1 is am5d$ to read z foll[s3  7#b7 
7,a7 ,except z provid$ 9 subp>agraph    
7,b71 if an election has n be5 made )   
respect to any sums available = inve/m5t
 9 ! ,?rift ,sav+s ,fund1 ! ,executive  
,director %all inve/ su* sums 9 an      
age-appropriate t>get date asset        
allocation portfolio ( ! funds describ$ 
9 subsection 7b71 z det]m9$ by !        
,executive ,director4  7,b7 ,if an      
election has n be5 made by a memb] 7z   
def9$ 9 section #baa ( title #cg7       
contribut+ to ! ,?rift ,sav+s ,fund "u  
section #hddj;e ) respect to any sums   
available = inve/m5t 9 su* memb]'s      
,?rift ,sav+s ,fund acc\nt1 ! ,executive

 ,director %all inve/ su* sums 9 !      
,gov]nm5t ,securities ,inve/m5t ,fund4  
4  7b7 ,ackn[l$gm5t ( risk ,section     
#hdci7;d7 ( title #e1 ,unit$ ,/ates     
,code1 is am5d$-- 7#a7 by ins]t+ 7#a7   
be=e ,ea* employee2 &  7#b7 by add+ at !
 end ! foll[+3  7#b7 ,be=e ! date on :i*
 an individual is enroll$ to make       
contributions to ! ,?rift ,sav+s ,fund1 
or z soon z practical !reaft]1 an       
individual :o is automatically enroll$  
"u section #hdcb7;b77#b7 %all receive ! 
risk ackn[l$gm5t in=mation describ$ 9   
p>agraph 7#a74  4  7c7 ,te*nical &      
con=m+ am5dm5t ,section #hdgb7;g77#b7 ( 
title #e1 ,unit$ ,/ates ,code1 is am5d$ 
by /rik+ requir$ by section #hdch ( ?is 
title to be inve/$ 9 securities ( !     
,gov]nm5t & ins]t+ "u section           
#hdch7;c77#b77;,b74  7d7 ,guidance ,n   
lat] ?an #i mon?s aft] ! date ( enactm5t
 ( ?is ,act1 ! ,executive ,director 7z t
 t]m is def9$ "u section #hdja7ac7 (    
title #e1 ,unit$ ,/ates ,code7 %all     
develop & issue guidance implem5t+ !    

am5dm5ts made by ?is section4  7e7      
,effective date & application ,!        
am5dm5ts made by ?is section %all-- 7#a7
 take effect on ! date on :i* !         
,executive ,director issues guidance "u 
subsection 7d72 &  7#b7 apply to        
individuals :o enroll 9 ! ,?rift ,sav+s 
,plan on or aft] su* date4  #c4         
,cl>ification ( fiduci>y protections    
,section #hdgg7;e77#a77;,c77ii7 ( title 
#e1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7
 9 subclause 7,,ii7-- 7,a7 by ins]t+ or 
b5efici>y aft] p>ticipant2 &  7,b7 by   
ins]t+ or option aft] fund2 &  7#b7 9   
subclause 7,,iii7-- 7,a7 by ins]t+ or   
b5efici>y aft] p>ticipant2 &  7,b7 by   
ins]t+ or b5efici>ies'  aft]            
p>ticipants' 4  ,pass$ ! ,s5ate         
,septemb] #af1 #bjad4,secret>y