,,ib  ,union ,cal5d> ,no4 #cia  #aad?   
,,congress  #b;d ,session  ,h4 ,r4 #dbic
  ,report ,no4 #aad-eaa  ,,9 ,,! ,,h\se 
,,( ,,repres5tatives  ,decemb] #ah1     
#bjae ,mr4 ,roe ( ,t5nessee 7= himself1 
,mr4 ,neal1 ,mr4 ,roskam1 ,mr4 ,l>son ( 
,connecticut1 ,mr4 ,c>t] ( ,georgia1 &  
,mr4 ,david ,scott ( ,georgia7 introduc$
 ! foll[+ bill2 :i* 0 ref]r$ to !       
,committee on ,education & ! ,work=ce   
,april #bj1 #bjaf ,additional sponsors3 
,ms4 ,mi*elle ,lujan ,gri%am ( ,new     
,mexico1 ,mr4 ,re$1 ,mr4 ,"y ( ,indiana1
 ,mr4 ,byrne1 ,mr4 ,b\/any1 ,mr4 ,wilson
 ( ,s\? ,c>ol9a1 ,mr4 ,clay1 ,mr4       
,hold+1 ,mr4 ,r5acci1 ,ms4 ,j5k9s (     
,kansas1 ,mrs4 ,walorski1 ,mr4          
,mac,arthur1 ,mr4 ,pauls51 ,mr4 ,a%=d1  
,mr4 ,z9ke1 ,mr4 ,duncan ( ,t5nessee1   
,mr4 ,?ompson ( ,p5nsylvania1 ,mr4      
,gibbs1 ,mr4 ,gu?rie1 ,mr4 ,bi%op (     
,mi*igan1 ,mr4 ,tib]i1 ,mr4 ,meehan1    
,mr4 ,nunes1 ,mr4 ,rei*]t1 ,mr4 ,all51  
,mr4 ,b>letta1 ,mr4 ,m>*ant1 ,mr4       
,olson1 ,mr4 ,cram]1 ,mr4 ,latta1 ,mr4  

,amodei1 ,mr4 ,gohm]t1 & ,mr4 ,sessions 
,april #bj1 #bjaf ,report$ ) an am5dm5t1
 committ$ to ! ,committee ( ! ,:ole     
,h\se on ! ,/ate ( ! ,union1 & ord]$ to 
be pr9t$ ,/rike out all aft] ! enact+   
clause & ins]t ! "p pr9t$ 9 italic ,=   
text ( introduc$ bill1 see copy ( bill z
 introduc$ on ,decemb] #ah1 #bjae  ,a   
,,bill  ,to am5d ! ,employee ,retirem5t 
,income ,security ,act ( #aigd to ensure
 t retirem5t inve/ors receive advice 9  
_! be/ int]e/s1 & = o!r purposes4  #a4  
,%ort title ,?is ,act may be cit$ z !   
,af=dable ,retirem5t ,advice ,protection
 ,act4  #b4 ,purpose ,! purpose ( ?is   
,act is to provide t advisors :o--  7#a7
 provide advice t is imp]missible "u !  
prohibit$ transaction provisions "u     
section #djf ( ! ,employee ,retirem5t   
,income ,security ,act ( #aigd1 or  7#b7
 brea* ! be/ int]e/ /&>d = ! provision (
 inve/m5t advice1  are subject to       
liability "u ! ,employee ,retirem5t     
,income ,security ,act ( #aigd4  #c4    
,rules relat+ to ! provision ( inve/m5t 

advice  7a7 ,am5dm5ts to ! ,employee    
,retirem5t ,income ,security ,act (     
#aigd  7#a7 ,def9ition ( inve/m5t advice
 ,section #c7ba7 ( ! ,employee          
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajjb7ba77 is am5d$
 by add+ at ! end ! foll[+3  7,c7 7i7 ,=
 purposes ( clause 7ii7 ( subp>agraph   
7,a71 ! t]m inve/m5t advice means a     
recomm5dation t--  7,i7 relates to--    
7aa7 ! advisability ( acquir+1 hold+1   
dispos+1 or ex*ang+ any moneys or o!r   
prop]ty ( a plan by ! plan1 plan        
p>ticipants1 or plan b5efici>ies1       
includ+ any recomm5dation :e!r to take a
 di/ribution ( b5efits f su* plan or any
 recomm5dation relat+ to ! inve/m5t (   
any moneys or o!r prop]ty ( su* plan to 
be di/ribut$ f su* plan2  7bb7 !        
managem5t ( moneys or o!r prop]ty ( su* 
plan1 includ+ recomm5dations relat+ to !
 managem5t ( moneys or o!r prop]ty to be
 di/ribut$ f su* plan2 or  7cc7 !       
advisability ( reta9+ or ceas+ to reta9 
a p]son :o w\ld receive a fee or o!r    

comp5sation = provid+ any ( ! types (   
advice describ$ 9 ?is subclause2 &      
7,,ii7 is r5d]$ pursuant to-- 7aa7 a    
writt5 ackn[l$gm5t ( ! obligation ( !   
advisor to comply ) section #djd )      
respect to ! provision ( su*            
recomm5dation2 or  7bb7 a mutual        
agreem5t1 arrangem5t1 or und]/&+1 :i*   
may include limitations on scope1 tim+1 
& responsibility to provide ongo+       
monitor+ or advice s]vices1 betwe5 !    
p]son mak+ su* recomm5dation & ! plan t 
su* recomm5dation is individualiz$ to ! 
plan & su* plan int5ds to mat]ially rely
 on su* recomm5dation 9 mak+ inve/m5t or
 managem5t decisions ) respect to any   
moneys or o!r prop]ty ( su* plan4  7ii7 
,= purposes ( clause 7i77,,ii77bb71 any 
disclaim] ( a mutual agreem5t1          
arrangem5t1 or und]/&+ %all only /ate ! 
foll[+3 ,?is in=mation is n             
individualiz$ to y1 & y are n int5d$ to 
mat]ially rely on ?is in=mation 9 mak+  
inve/m5t or managem5t decisions44 ,su*  
disclaim] %all n be effective unless su*

 disclaim] is 9 writ+ & is communicat$ 9
 a cle> & prom95t mann] & an objective  
p]son w\ld reasonably conclude t1 bas$  
on all ! facts & circum/ances1 !re 0 n a
 mutual agreem5t1 arrangem5t1 or        
und]/&+4  7iii7 ,= purposes ( clause    
7i77,,ii77bb71 in=mation %all n be      
consid]$ to be a recomm5dation made     
pursuant to a mutual agreem5t1          
arrangem5t1 or und]/&+1 & su* in=mation 
%all conta9 ! disclaim] requir$ by      
clause 7ii71 if-- 7,i7 x is provid$ 9   
conjunction ) full & fair disclosure 9  
writ+ to a plan1 plan p>ticipant1 or    
b5efici>y t ! p]son provid+ ! in=mation 
is do+ s 9 its m>ket+ or sales capacity1
 includ+ any in=mation reg>d+ ! t]ms &  
conditions ( ! engagem5t ( ! p]son      
provid+ ! in=mation1 & t ! p]son is n   
int5d+ to provide inve/m5t advice )9 !  
mean+ ( ?is subp>agraph or to o!rwise   
act )9 & "u ! obligations ( ! be/ int]e/
 /&>d z describ$ 9 ?is subp>agraph2     
7,,ii7 ! p]son provid+ ! in=mation is a 
c\nt]p>ty or s]vice provid] to ! plan 9 

connection ) any transaction bas$ on !  
in=mation 7includ+ a s]vice arrangem5t1 
sale1 pur*ase1 loan1 bilat]al contract1 
swap 7z def9$ 9 section #a;a ( !        
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a;a771 or security-bas$ swap 7z def9$ 9
 section #c7;a7 ( ! ,securities ,ex*ange
 ,act 7#ae ,u4,s4,c4 #gh;c7a77771 b only
 if-- 7aa7 ! plan is repres5t$1 9       
connection ) su* transaction1 by a plan 
fiduci>y t is indep5d5t ( ! p]son       
provid+ ! in=mation1 &1 except 9 ! case 
( a swap or security-bas$ swap1         
indep5d5t ( ! plan sponsor2 &  7bb7     
prior to su* transaction1 ! indep5d5t   
plan fiduci>y repres5ts 9 writ+ to !    
p]son provid+ ! in=mation t x is aw>e t 
! p]son has a f9ancial int]e/ 9 !       
transaction & t x has det]m9$ t ! p]son 
is n int5d+ to provide inve/m5t advice  
)9 ! mean+ ( ?is subp>agraph or to      
o!rwise act z a fiduci>y to ! plan      
subject to section #djd2  7,,iii7 !     
p]son provid+ ! in=mation is an employee
 ( any sponsor+ employ] or employee     

organization :o provides ! in=mation to 
! plan = no fee or o!r comp5sation o!r  
?an ! employee's normal comp5sation2    
7,,iv7 ! p]son provid+ ! in=mation      
discloses 9 writ+ to ! plan fiduci>y t !
 p]son is n und]tak+ to provide inve/m5t
 advice z a fiduci>y to ! plan subject  
to section #djd & ! in=mation consi/s   
solely (-- 7aa7 mak+ available to !     
plan1 )\t reg>d to ! individualiz$ ne$s 
( ! plan1 securities or o!r prop]ty     
?r\gh a plat=m or simil> me*anism f :i* 
a plan fiduci>y may select or monitor   
inve/m5t alt]natives1 includ+ qualifi$  
default inve/m5t alt]natives1 into :i*  
plan p>ticipants or b5efici>ies may     
direct ! inve/m5t ( assets held 91 or   
contribut$ to1 _! individual acc\nts2 or
  7bb7 9 connection ) a plat=m or simil>
 me*anism describ$ 9 item 7aa7-- 7,,aa7 
id5tify+ inve/m5t alt]natives t meet    
objective crit]ia specifi$ by ! plan1   
su* z crit]ia conc]n+ exp5se ratios1    
fund sizes1 types ( asset1 or cr$it     
quality2 or 7,,bb7 provid+ objective    

f9ancial data & comp>isons ) indep5d5t  
b5*m>ks to ! plan2  7,v7 ! in=mation    
consi/s solely ( valuation in=mation2 or
  7,,vi7 ! in=mation consi/s solely (-- 
7aa7 in=mation describ$ 9 ,dep>tm5t (   
,labor ,int]pretive ,bullet9 #if-a 7#bi 
,c4,f4,r4 #beji4if-a1 z 9 effect on     
,janu>y #a1 #bjae71 reg>dless ( :e!r su*
 education is provid$ to a plan or plan 
fiduci>y or a p>ticipant or b5efici>y2  
7bb7 in=mation provid$ to p>ticipants or
 b5efici>ies reg>d+ ! factors to consid]
 9 decid+ :e!r to elect to receive a    
di/ribution f a plan or an individual   
retirem5t plan 7z def9$ 9 section       
#ggja7;a77#cg7 ( ! ,int]nal ,rev5ue     
,code ( #aihf7 & :e!r to roll ov] su*   
di/ribution to a plan or an individual  
retirem5t plan 7z def9$ 9 section       
#ggja7;a77#cg7 ( ! ,int]nal ,rev5ue     
,code ( #aihf71 s long z any examples ( 
diff]5t di/ribution alt]natives are     
accompani$ by all mat]ial facts &       
assumptions on :i* ! examples are bas$2 
or  7cc7 any additional in=mation treat$

 z education by ! ,secret>y4  4  7#b7   
,exemption relat+ to inve/m5t advice    
,section #djh7;b7 ( ! ,employee         
,retirem5t ,income ,security ,act (     
#aigd is am5d$ by add+ at ! end !       
foll[+3  7#ba7 7,a7 ,any transaction1   
includ+ a contract = s]vice1 betwe5 a   
p]son provid+ inve/m5t advice describ$ 9
 section #c7ba77;,a77ii7 & ! advice     
recipi5t 9 connection ) su* inve/m5t    
advice1 & any transaction consi/+ ( !   
provision ( su* inve/m5t advice1 if !   
foll[+ conditions are satisfi$3  7i7 ,no
 m ?an reasonable comp5sation is paid 7z
 det]m9$ "u section #djh7;b77#b77 = su* 
inve/m5t advice4  7ii7 ,if ! inve/m5t   
advice is bas$ on a limit$ range (      
inve/m5t options 7:i* may consi/1 9 :ole
 or 9 "p1 ( propriet>y products71 su*   
limitations %all be cle>ly disclos$ to !
 advice recipi5t prior to any           
transaction bas$ on ! inve/m5t advice 9 
! =m ( a notice t only /ates ! foll[+3  
,?is recomm5dation is bas$ on a limit$  
range ( inve/m5t options1 & ! same or   

simil> inve/m5ts may be available at a  
diff]5t co/ 7great] or less]7 f o!r     
s\rces44  7iii7 ,if ! inve/m5t advice   
may result 9 v>iable comp5sation to !   
p]son provid+ ! inve/m5t advice 7or any 
affiliate ( su* p]son71 ! receipt ( su* 
comp5sation %all be cle>ly disclos$ to !
 advice recipi5t prior to any           
transaction bas$ on ! inve/m5t advice4  
,= purposes ( ?is subp>agraph1 cle>     
disclosure ( v>iable comp5sation %all   
include1 9 a mann] calculat$ to be      
und]/ood by ! av]age individual1 ea* ( !
 foll[+3 7,i7 ,a notice t /ates only !  
foll[+3 ,?is recomm5dation may result 9 
v>y+ am\nts ( fees or o!r comp5sation to
 ! p]son provid+ ! recomm5dation 7or its
 affiliate71 & ! same or simil>         
inve/m5ts may be available at a diff]5t 
co/ 7great] or less]7 f o!r s\rces44    
,any regulations or adm9i/rative        
guidance implem5t+ ?is subclause may n  
require ?is notice to be updat$ m ?an   
annually4  7,,ii7 ,a description ( any  
fee or o!r comp5sation t is directly or 

indirectly payable to ! p]son 7or its   
affiliate7 by ! advice recipi5t )       
respect to su* transaction 7express$ z  
an am\nt1 =mula1 p]c5tage ( assets1 p]  
capita *>ge1 or e/imate or range ( su*  
comp5sation74  7,,iii7 ,a description ( 
! types & ranges ( any comp5sation t may
 be directly or indirectly payable to ! 
p]son 7or its affiliate7 by any ?ird    
p>ty 9 connection ) su* transaction     
7express$ z an am\nt1 =mula1 p]c5tage ( 
assets1 p] capita *>ge1 or e/imate or   
range ( su* comp5sation74  7,,iv7 ,^u   
reque/ ( ! advice recipi5t1 a disclosure
 ( ! specific am\nts ( comp5sation      
describ$ 9 clause 7iii7 t ! p]son w     
receive 9 connection ) ! p>ticul>       
transaction 7express$ z an am\nt1 =mula1
 p]c5tage ( assets1 p] capita *>ge1 or  
e/imate ( su* comp5sation74  7,b7 ,no   
recomm5dation w fail to satisfy !       
conditions describ$ 9 clauses 7i7 ?r\gh 
7iii7 ( subp>agraph 7,a7 solely because 
! p]son1 act+ 9 good fai? & ) reasonable
 dilig5ce1 makes an error or omission 9 

disclos+ ! in=mation specifi$ 9 su*     
clauses1 provid$ t ! p]son discloses !  
correct in=mation to ! advice recipi5t z
 soon z practicable1 b n lat] ?an #cj   
days f ! date on :i* ! p]son kn[s ( su* 
error or omission4  7,c7 ,any notice    
provid$ pursuant to a requirem5t "u     
clause 7ii7 or clause 7iii77,i7 (       
subp>agraph 7,a7 %all h no effect on any
 o!r notice o!rwise requir$ )\t reg>d to
 ?is title1 & %all be provid$ 9 addition
 to1 & n 9 lieu (1 any o!r su* notice4  
7,d7 ,= purposes ( ?is p>agraph1 ! t]m  
affiliate has ! mean+ giv5 9 subsection 
7g77#aa77;,b74  4  7b7 ,effective date  
7#a7 ,modification ( c]ta9 rules1 &     
rules & adm9i/rative positions          
promulgat$ be=e enactm5t b n effective  
on ,janu>y #a1 #bjae1 prohibit$ ,!      
,dep>tm5t ( ,labor is prohibit$ f am5d+ 
any rules or adm9i/rative positions     
promulgat$ "u1 or applicable = purposes 
(1 section #c7ba7 ( ! ,employee         
,retirem5t ,income ,security ,act (     
#aigd 7includ+ ,dep>tm5t ( ,labor       

,int]pretive ,bullet9 #if-a 7#bi        
,c4,f4,r4 #beji4if-a7 & ,dep>tm5t (     
,labor ,advisory ,op9ion #bjje-bc;,a71 &
 no su* rule or adm9i/rative position   
promulgat$ by ! ,dep>tm5t ( ,labor prior
 to ! date ( ! enactm5t ( ?is ,act b n  
effective on ,janu>y #a1 #bjae1 may     
become effective unless a bill or jo9t  
resolution ref]r$ to 9 p>agraph 7#c7 is 
enact$ z describ$ 9 su* p>agraph n lat] 
?an #fj days aft] ! date ( ! enactm5t ( 
?is ,act4  7#b7 ,g5]al effective date ( 
am5dm5ts ,except z provid$ 9 p>agraph   
7#c71 ! am5dm5ts made by subsection 7a7 
( ?is section %all take effect on ! #fa/
 day aft] ! date ( ! enactm5t ( ?is ,act
 & %all apply ) respect to in=mation    
provid$ or recomm5dations made on or    
aft] #b ye>s aft] ! date ( ! enactm5t ( 
?is ,act4  7#c7 ,exception ,if a bill or
 jo9t resolution is enact$ prior to !   
#fa/ day aft] ! date ( ! enactm5t ( ?is 
,act t specifically approves any rules  
or adm9i/rative positions promulgat$ "u1
 or applicable = purposes (1 section    

#c7ba7 ( ! ,employee ,retirem5t ,income 
,security ,act ( #aigd t are n 9 effect 
on ,janu>y #a1 #bjae1 ! am5dm5ts made by
 subsection 7a7 ( ?is section %all n    
take effect4  7c7 ,gr&fa!r$ transactions
 & s]vices ,! am5dm5ts made by          
subsection 7a7 %all n apply to any      
s]vice or transaction r5d]$1 ent]$ into1
 or = :i* a p]son has be5 comp5sat$     
prior to ! date on :i* ! am5dm5ts made  
by subsection 7a7 ( ?is ,act become     
effective "u subsection 7b77#b74  7d7   
,transition ,if ! am5dm5ts made by      
subsection 7a7 ( ?is section take       
effect1 !n no?+ 9 ?is section %all be   
con/ru$ to prohibit ! issuance (        
guidance to c>ry out su* am5dm5ts s long
 z su* guidance is necess>y to implem5t 
su* am5dm5ts4 ,until su* "t z           
regulations or o!r guidance are issu$ to
 c>ry out su* am5dm5ts1 a plan or a     
fiduci>y %all be treat$ z meet+ !       
requirem5ts ( su* am5dm5ts if ! plan or 
fiduci>y1 z ! case may be1 complies ) a 
reasonable good fai? int]pretation ( su*

 am5dm5ts4  ,april #bj1 #bjaf ,report$ )
 an am5dm5t1 committ$ to ! ,committee ( 
! ,:ole ,h\se on ! ,/ate ( ! ,union1 &  
ord]$ to be pr9t$