,,ib  ,union ,cal5d> ,no4 #cib  #aad?   
,,congress  #b;d ,session  ,h4 ,r4 #dbid
  ,report ,no4 #aad-eab1 ,p>ts ,i & ,,ii
  ,,9 ,,! ,,h\se ,,( ,,repres5tatives   
,decemb] #ah1 #bjae ,mr4 ,roskam 7=     
himself1 ,mr4 ,neal1 ,mr4 ,roe (        
,t5nessee1 ,mr4 ,l>son ( ,connecticut1  
,mr4 ,re$1 & ,ms4 ,mi*elle ,lujan       
,gri%am ( ,new ,mexico7 introduc$ !     
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,ways & ,means1 & 9       
addition to ! ,committee on ,education &
 ! ,work=ce1 = a p]iod to be subsequ5tly
 det]m9$ by ! ,speak]1 9 ea* case =     
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$    
,april #bj1 #bjaf ,additional sponsors3 
,mr4 ,david ,scott ( ,georgia1 ,mr4     
,c>t] ( ,georgia1 ,mr4 ,"y ( ,indiana1  
,mr4 ,byrne1 ,mr4 ,b\/any1 ,mr4 ,wilson 
( ,s\? ,c>ol9a1 ,mr4 ,clay1 ,mr4 ,hold+1
 ,mr4 ,r5acci1 ,ms4 ,j5k9s ( ,kansas1   
,mr4 ,mac,arthur1 ,mrs4 ,walorski1 ,mr4 
,pauls51 ,mr4 ,a%=d1 ,mr4 ,z9ke1 ,mr4   
,duncan ( ,t5nessee1 ,mr4 ,tib]i1 ,mr4  

,meehan1 ,mr4 ,nunes1 ,mr4 ,rei*]t1 ,mr4
 ,gibbs1 ,mr4 ,gu?rie1 ,mr4 ,?ompson (  
,p5nsylvania1 ,mr4 ,bi%op ( ,mi*igan1   
,mr4 ,m>*ant1 ,mr4 ,b>letta1 ,mr4 ,all51
 ,mr4 ,cram]1 ,mr4 ,olson1 ,mr4 ,latta1 
,mr4 ,sessions1 ,mr4 ,amodei1 & ,mr4    
,gohm]t  ,april #bj1 #bjaf ,report$ f ! 
,committee on ,ways & ,means ) an       
am5dm5t ,/rike out all aft] ! enact+    
clause & ins]t ! "p pr9t$ 9 italic      
,april #bj1 #bjaf ,report$ f !          
,committee on ,education & ! ,work=ce ) 
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      
boldface roman ,= text ( introduc$ bill1
 see copy ( bill z introduc$ on ,decemb]
 #ah1 #bjae  ,a ,,bill  ,to am5d !      
,int]nal ,rev5ue ,code ( #aihf 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 !   
,/r5g!n+ ,access to ,valuable ,education
 & ,retirem5t ,support ,act ( #bjae or !

 ,,sav]s ,act ( #bjae4  #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 #dige ( ! ,int]nal
 ,rev5ue ,code ( #aihf1 or  7#b7 brea* !
 be/ int]e/ /&>d = ! provision (        
inve/m5t advice1  are subject to        
liability "u ! ,int]nal ,rev5ue ,code ( 
#aihf4  #c4 ,rules relat+ to ! provision
 ( inve/m5t advice  7a7 ,am5dm5ts to !  
,int]nal ,rev5ue ,code ( #aihf  7#a7    
,exemption = inve/m5t advice :i* is be/ 
int]e/ recomm5dation ,section #dige7;d7 
( ! ,int]nal ,rev5ue ,code ( #aihf is   
am5d$ by /rik+ or at ! end ( p>agraph   
7#bb71 by /rik+ ! p]iod at ! end (      
p>agraph 7#bc7 & ins]t+ 1 or1 & by      
ins]t+ aft] p>agraph 7#bc7 ! foll[+3    
7#bd7 provision ( inve/m5t advice by a  
fiduci>y to a plan1 plan p>ticipant1 or 
b5efici>y ) respect to ! plan1 :i* is a 
be/ int]e/ recomm5dation or a           
transaction connect$ to su* advice4  4  
7#b7 ,inve/m5t advice2 be/ int]e/       

recomm5dation ,section #dige7;e7 ( su*  
,code is am5d$ by add+ at ! end !       
foll[+3  7#aj7 ,inve/m5t advice  7,a7 ,9
 g5]al ,= purposes ( ?is section1 ! t]m 
inve/m5t advice means a recomm5dation   
t--  7i7 relates to-- 7,i7 !            
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  7,,ii7 !         
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  7,,iii7 !    
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 &  7ii7
 is r5d]$ pursuant to-- 7,i7 a writt5   
ackn[l$gm5t t ! p]son is a fiduci>y )   

respect to ! provision ( su*            
recomm5dation2 or  7,,ii7 a mutual      
agreem5t1 arrangem5t1 or und]/&+ :i* may
 include limitations on scope1 tim+1 &  
responsibility to provide ongo+ monitor+
 or advice s]vices1 betwe5 ! p]son mak+ 
su* recomm5dation & ! plan1 plan        
p>ticipant1 or b5efici>y t su*          
recomm5dation is individualiz$ to !     
plan1 plan p>ticipant1 or b5efici>y &   
su* plan1 plan p>ticipant1 or b5efici>y 
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  7,b7 
,disclaim] ( a mutual agreem5t1         
arrangem5t1 or und]/&+ ,= purposes (    
subp>agraph 7,a77ii77,,ii71 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  7,c7 ,:5 recomm5dation treat$ 
z made pursuant to a mutual agreem5t1   
arrangem5t1 or und]/&+ ,= purposes (    
subp>agraph 7,a77ii77,,ii71 in=mation   
%all n be treat$ z a recomm5dation made 
pursuant to a mutual agreem5t1          
arrangem5t1 or und]/&+1 & su* in=mation 
%all conta9 ! disclaim] requir$ by      
subp>agraph 7,b71 if--  7i7 ,sell]'s    
exception ,! in=mation 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 z a fiduci>y to ! plan or "u !      

obligations ( a be/ int]e/              
recomm5dation4  7ii7 ,swap &            
security-bas$ swap transaction ,! 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-- 
7,i7 ! 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 &  7,,ii7 prior to ent]+  
into 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 ! plan1 plan
 p>ticipants1 or plan b5efici>ies4      
7iii7 ,employees ( a plan sponsor ,!    
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 comp5sation4    
7iv7 ,plat=m provid]s selection &       
monitor+ assi/ance ,! 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 7)9
 ! mean+ ( ?is p>agraph7 or "u !        
obligations ( a be/ int]e/ recomm5dation
 & ! in=mation consi/s solely (--  7,i7 
mak+ available to ! plan1 plan          
p>ticipants1 or plan b5efici>ies1 )\t   
reg>d to ! individualiz$ ne$s ( ! plan1 
plan p>ticipants1 or plan b5efici>ies1  
securities or o!r prop]ty ?r\gh a plat=m
 or simil> me*anism f :i* a plan        
fiduci>y may select or monitor inve/m5t 
alt]natives1 includ+ qualifi$ 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\nts1 or  7,,ii7 9 
connection ) a plat=m or simil> me*anism
 describ$ 9 subclause 7,i7-- 7aa7       
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$it     
quality1 or  7bb7 provid+ objective     
f9ancial data & comp>isons ) indep5d5t  
b5*m>ks to ! plan4  7v7 ,valuation ,!   
in=mation consi/s solely ( valuation    
in=mation4  7vi7 ,f9ancial education ,! 
in=mation consi/s solely (-- 7,i7       
in=mation describ$ 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>y1  
7,,ii7 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 & :e!r to
 roll ov] su* di/ribution to a plan1 s  
long z any examples ( diff]5t           
di/ribution alt]natives are accompani$  
by all mat]ial facts & assumptions on   
:i* ! examples are bas$1 or  7,,iii7 any
 additional in=mation treat$ z education
 by ! ,secret>y4  7#aa7 ,be/ int]e/     
recomm5dation ,= purposes ( ?is         
subsection--  7,a7 ,9 g5]al ,! t]m be/  
int]e/ recomm5dation means a            
recomm5dation-- 7i7 = :i* no m ?an      
reasonable comp5sation is paid 7z       
det]m9$ "u subsection 7d77#b771  7ii7   
provid$ by a p]son act+ ) ! c>e1 skill1 
prud5ce1 & dilig5ce "u ! circum/ances !n
 prevail+ t a prud5t p]son w\ld ex]cise 
bas$ on--  7,i7 ! in=mation obta9$ ?r\gh
 ! reasonable dilig5ce ( ! p]son reg>d+ 
factors su* z ! advice recipi5t's age1 &
  7,,ii7 any o!r in=mation t ! advice   
recipi5t discloses to ! p]son 9         
connection ) receiv+ su* recomm5dation1 
&  7iii7 :]e ! p]son places ! int]e/s ( 
! plan or advice recipi5t above its own4

  7,b7 ,inve/m5t options2 v>iable       
comp5sation ,a be/ int]e/ recomm5dation 
may include a recomm5dation t--  7i7 is 
bas$ on a limit$ range ( inve/m5t       
options 7:i* may consi/1 9 :ole or 9 "p1
 ( propriet>y products71 b only if any  
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\rces41 or  7ii7 may result 9 v>iable  
comp5sation to ! p]son provid+ !        
recomm5dation 7or any affiliate ( su*   
p]son71 b only if ! receipt ( su*       
comp5sation %all be cle>ly disclos$ to !
 advice recipi5t prior to any           
transaction bas$ on ! inve/m5t advice4  
7,c7 ,cle> disclosure ( v>iable         
comp5sation ,= purposes ( ?is p>agraph1 
cle> disclosure ( v>iable comp5sation   
%all include1 9 a mann] calculat$ to be 

und]/ood by ! av]age individual1 ea* ( !
 foll[+3  7i7 ,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 clause may n     
require ?is notice to be updat$ m ?an   
annually4  7ii7 ,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  7iii7 ,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  7iv7 ,^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,d7       
,def9ition ( ,affiliate ,= purposes (   
?is p>agraph1 ! t]m affiliate has !     
mean+ giv5 9 subsection                 
7f77#h77;,j77ii74  7,e7 ,correction (   
c]ta9 errors & omissions ,a             
recomm5dation %all n fail to be a be/   
int]e/ recomm5dation solely because a   
p]son :o1 act+ 9 good fai? & )          
reasonable dilig5ce1 makes an error or  
omission 9 disclos+ ! in=mation specifi$
 9 subp>agraph 7,b71 if ! p]son         
discloses ! correct in=mation to !      
advice recipi5t z soon z practicable b n
 lat] ?an #cj days f ! date on :i* !    
p]son kn[s ( su* error or omission4     
7,f7 ,special rule ,any notice provid$  
pursuant to a requirem5t "u subp>agraph 

7,b77i7 or subp>agraph 7,c77i7 %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  4  7#c7 ,failures  
relat+ to be/ int]e/ recomm5dation  7,a7
 ,correction ,section #dige7;f77#e7 (   
su* ,code is am5d$-- 7i7 by /rik+ 7#e7  
,correction4--,! t]ms & ins]t+3  7#e7   
,correction  7,a7 ,9 g5]al ,except z    
provid$ 9 subp>agraph 7,b71 ! t]ms  1 & 
7ii7 by add+ at ! end ! foll[+3  7,b7   
,det]m9ation ( correction & correct )   
respect to be/ int]e/ advice            
recomm5dations ,9 ! case ( a prohibit$  
transaction aris+ by ! failure (        
inve/m5t advice to be a be/ int]e/      
recomm5dation1 ! t]ms correction &      
correct mean ! paym5t to1 or            
reimbursem5t (1 actual damages ( ! plan1
 plan p>ticipants1 or plan b5efici>ies  
result+ directly f ! plan's1 plan       
p>ticipant's1 or plan b5efici>y's       
reliance on su* inve/m5t advice1 if any1
 t h n o!rwise be5 paid or reimburs$ to 

! plan1 plan p>ticipants1 or plan       
b5efici>ies1 includ+ paym5ts &          
reimbursem5ts made pursuant to          
subp>agraph 7,a7 if su* am\nt is great] 
?an ! am\nt det]m9$ "u subp>agraph 7,a74
  4  7,b7 ,am\nt involv$ = purposes (   
excise tax ,! fir/ s5t5ce ( section     
#dige7;f77#d7 ( su* ,code is am5d$ by   
/rik+ excess comp5sation4 & ins]t+      
excess comp5sation1 & 9 ! case ( a      
prohibit$ transaction aris+ by ! failure
 ( inve/m5t advice to be a be/ int]e/   
recomm5dation1 ! am\nt involv$ %all be !
 am\nt paid to ! p]son provid+ ! advice 
7or its affiliate1 z def9$ 9 p>agraph   
7#h77;,j77ii77 t has n be5 paid or      
reimburs$ to ! plan1 plan p>ticipants1  
or plan b5efici>ies1 includ+ paym5ts &  
reimbursem5ts made pursuant to p>agraph 
7#e744  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$ "u    
section #c7ba7 ( ! ,employee ,retirem5t 
,security ,act ( #aigd & section        
#dige7;e77#c7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf 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$ "u 
section #c7ba7 ( ! ,employee ,retirem5t 
,income ,security ,act ( #aigd & section
 #dige7;e77#c7 ( ! ,int]nal ,rev5ue     
,code ( #aihf t is 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 is 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  #a4 ,%ort title ,?is ,act   
may be cit$ z ! ,/r5g!n+ ,access to     
,valuable ,education & ,retirem5t       
,support ,act ( #bjae or ! ,,sav]s ,act 
( #bjae4  #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 #dige ( ! ,int]nal ,rev5ue ,code
 ( #aihf1 or  7#b7 brea* ! be/ int]e/   
/&>d = ! provision ( inve/m5t advice1   
are subject to liability "u ! ,int]nal  
,rev5ue ,code ( #aihf4  #c4 ,rules      
relat+ to ! provision ( inve/m5t advice 
7a7 ,am5dm5ts to ! ,int]nal ,rev5ue     
,code ( #aihf  7#a7 ,exemption =        
inve/m5t advice :i* is be/ int]e/       
recomm5dation ,section #dige7;d7 ( !    
,int]nal ,rev5ue ,code ( #aihf is am5d$ 

by /rik+ or at ! end ( p>agraph 7#bb71  
by /rik+ ! p]iod at ! end ( p>agraph    
7#bc7 & ins]t+ 1 or1 & by ins]t+ aft]   
p>agraph 7#bc7 ! foll[+3  7#bd7         
provision ( inve/m5t advice by a        
fiduci>y to a plan1 plan p>ticipant1 or 
b5efici>y ) respect to ! plan1 :i* is a 
be/ int]e/ recomm5dation4  4  7#b7      
,inve/m5t advice2 be/ int]e/            
recomm5dation ,section #dige7;e7 ( su*  
,code is am5d$ by add+ at ! end !       
foll[+3  7#aj7 ,inve/m5t advice  7,a7 ,9
 g5]al ,= purposes ( ?is section1 ! t]m 
inve/m5t advice means a recomm5dation   
t--  7i7 relates to-- 7,i7 !            
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 
roll$ ov] or o!rwise di/ribut$ f su*    
plan2  7,,ii7 ! managem5t ( moneys or   

o!r prop]ty ( su* plan1 includ+         
recomm5dations relat+ to ! managem5t (  
moneys or o!r prop]ty to be roll$ ov] or
 o!rwise di/ribut$ f su* plan2 or       
7,,iii7 ! 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
 &  7ii7 is r5d]$ pursuant to-- 7,i7 a  
writt5 ackn[l$gm5t t ! p]son is a       
fiduci>y ) respect to ! provision ( su* 
recomm5dation2 or  7,,ii7 a mutual      
agreem5t1 arrangem5t1 or und]/&+ :i* may
 include limitations on scope1 tim+1 &  
responsibility to provide ongo+ monitor+
 or advice s]vices1 betwe5 ! p]son mak+ 
su* recomm5dation & ! plan1 plan        
p>ticipant1 or b5efici>y t su*          
recomm5dation is individualiz$ to !     
plan1 plan p>ticipant1 or b5efici>y &   
su* plan1 plan p>ticipant1 or b5efici>y 
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  7,b7 

,disclaim] ( a mutual agreem5t1         
arrangem5t1 or und]/&+ ,= purposes (    
subp>agraph 7,a77ii77,,ii71 any         
disclaim] ( a mutual agreem5t1          
arrangem5t1 or und]/&+ %all only /ate ! 
foll[+3 ,?is in=mation is n             
individualiz$ to y1 & !re is no int5t = 
y 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  7,c7 ,:5      
recomm5dation treat$ z made pursuant to 
a mutual agreem5t1 arrangem5t1 or       
und]/&+ ,= purposes ( subp>agraph       
7,a77ii77,,ii71 in=mation %all n be     
treat$ z a recomm5dation made pursuant  
to a mutual agreem5t1 arrangem5t1 or    
und]/&+1 & su* in=mation %all conta9 !  
disclaim] requir$ by subp>agraph 7,b71  
if--  7i7 ,sell]'s exception ,!         

in=mation 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 z a      
fiduci>y to ! plan or "u ! obligations (
 a be/ int]e/ recomm5dation4  7ii7 ,swap
 & security-bas$ swap transaction ,!    
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--  7,i7 ! plan is repres5t$1 9      
connection ) su* transaction1 by a plan 

fiduci>y :o is indep5d5t ( ! p]son      
provid+ ! in=mation1 &1 except 9 ! case 
( a swap or security-bas$ swap1         
indep5d5t ( ! plan sponsor2 &  7,,ii7   
prior to ent]+ into 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 ! plan1  
plan p>ticipants1 or plan b5efici>ies4  
7iii7 ,employees ( a plan sponsor ,!    
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 comp5sation4    
7iv7 ,plat=m provid]s selection &       
monitor+ assi/ance ,! 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 7)9
 ! mean+ ( ?is p>agraph7 or "u !        

obligations ( a be/ int]e/ recomm5dation
 & ! in=mation consi/s solely (--  7,i7 
mak+ available to ! plan1 plan          
p>ticipants1 or plan b5efici>ies1 )\t   
reg>d to ! individualiz$ ne$s ( ! plan1 
plan p>ticipants1 or plan b5efici>ies1  
securities or o!r prop]ty ?r\gh a plat=m
 or simil> me*anism f :i* a plan        
fiduci>y may select or monitor inve/m5t 
alt]natives1 includ+ qualifi$ 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\nts1 or  7,,ii7 9 
connection ) a plat=m or simil> me*anism
 describ$ 9 subclause 7,i7-- 7aa7       
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     
quality1 or  7bb7 provid+ objective     
f9ancial data & comp>isons ) indep5d5t  
b5*m>ks to ! plan4  7v7 ,valuation ,!   
in=mation consi/s solely ( valuation    
in=mation4  7vi7 ,f9ancial education ,! 

in=mation consi/s solely (-- 7,i7       
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>y1  
7,,ii7 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 & :e!r to
 roll ov] su* di/ribution to a plan1 s  
long z any examples ( diff]5t           
di/ribution & rollov] alt]natives are   
accompani$ by all mat]ial facts &       
assumptions on :i* ! examples are bas$1 
or  7,,iii7 any additional in=mation    
treat$ z education by ! ,secret>y4      
7#aa7 ,be/ int]e/ recomm5dation ,=      
purposes ( ?is subsection--  7,a7 ,9    
g5]al ,! t]m be/ int]e/ recomm5dation   
means a recomm5dation-- 7i7 = :i* no m  
?an reasonable comp5sation is paid 7z   
det]m9$ "u subsection 7d77#b771  7ii7   
provid$ by a p]son act+ ) ! c>e1 skill1 

prud5ce1 & dilig5ce "u ! circum/ances !n
 prevail+ t a prud5t p]son w\ld ex]cise 
bas$ on--  7,i7 ! in=mation obta9$ ?r\gh
 ! reasonable dilig5ce ( ! p]son reg>d+ 
factors su* z ! advice recipi5t's age1 &
  7,,ii7 any o!r in=mation t ! advice   
recipi5t discloses to ! p]son 9         
connection ) receiv+ su* recomm5dation1 
&  7iii7 :]e ! p]son places ! int]e/s ( 
! plan or advice recipi5t above its own4
  7,b7 ,inve/m5t options2 v>iable       
comp5sation ,a be/ int]e/ recomm5dation 
may include a recomm5dation t--  7i7 is 
bas$ on a limit$ range ( inve/m5t       
options 7:i* may consi/1 9 :ole or 9 "p1
 ( propriet>y products71 b only if any  
su* limitations1 includ+ a cle>ly-/at$  
notice t ! same or simil> inve/m5ts may 
be available at a diff]5t co/ 7great] or
 less]7 f o!r s\rces1 are cle>ly        
disclos$ to ! advice recipi5t prior to  
any transaction bas$ on ! recomm5dation1
 or  7ii7 may result 9 v>iable          
comp5sation to ! p]son provid+ !        
recomm5dation 7or any affiliate ( su*   

p]son71 b only if ! receipt ( su*       
comp5sation1 includ+ a cle>ly-/at$      
notice t ! same or simil> inve/m5ts may 
be available at a diff]5t co/ 7great] or
 less]7 f o!r s\rces1 is cle>ly disclos$
 to ! advice recipi5t prior to any      
transaction bas$ on ! recomm5dation4  ,!
 notices provid$ pursuant to clauses 7i7
 & 7ii7 %all only /ate ! foll[+3 ,! same
 or simil> inve/m5ts may be available at
 a diff]5t co/ 7great] or less]7 f o!r  
s\rces44  7,c7 ,cle> disclosure (       
v>iable comp5sation ,= purposes (       
subp>agraph 7,b77ii71 v>iable           
comp5sation is cle>ly disclos$ if       
notification is provid$ at any "t prior 
to a transaction bas$ on ! p]son's      
recomm5dation1 9 a mann] calculat$ to be
 und]/ood by ! av]age individual1 ( !   
foll[+3  7i7 ,a notice 9 writ+1 includ+ 
a cle>ly-/at$ notice t ! same or simil> 
inve/m5ts may be available at a diff]5t 
co/ 7great] or less]7 f o!r s\rces1 t ! 
p]son provid+ ! recomm5dation 7or its   
affiliate7 may receive v>y+ am\nts (    

fees or o!r comp5sation ) respect to su*
 transaction4  7ii7 ,a description ( any
 fee or o!r comp5sation t is directly   
payable to ! p]son 7or its affiliate7 f 
! 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    
7iii7 ,a description ( ! types & ranges 
( any indirect comp5sation t may be paid
 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 (   
su* ranges ( comp5sation74  7iv7 ,^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,d7       
,def9ition ( ,affiliate ,= purposes (   
?is p>agraph1 ! t]m affiliate has !     
mean+ giv5 9 subsection                 

7f77#h77;,j77ii74  7,e7 ,correction (   
c]ta9 errors & omissions ,a             
recomm5dation %all n fail to be a be/   
int]e/ recomm5dation solely because a   
p]son :o1 act+ 9 good fai? & )          
reasonable dilig5ce1 makes an error or  
omission 9 disclos+ ! in=mation specifi$
 9 subp>agraph 7,b71 if ! p]son         
discloses ! correct in=mation to !      
advice recipi5t z soon z practicable b n
 lat] ?an #cj days f ! date on :i* !    
p]son kn[s ( su* error or omission4  4  
7#c7 ,failures relat+ to be/ int]e/     
recomm5dation  7,a7 ,correction ,section
 #dige7;f77#e7 ( su* ,code is am5d$--   
7i7 by /rik+ 7#e7 ,correction4--,! t]ms 
& ins]t+3  7#e7 ,correction  7,a7 ,9    
g5]al ,except z provid$ 9 subp>agraph   
7,b71 ! t]ms  1 &  7ii7 by add+ at ! end
 ! foll[+3  7,b7 ,det]m9ation (         
correction & correct ) respect to be/   
int]e/ advice recomm5dations ,9 ! case (
 a prohibit$ advice transaction aris+ by
 ! failure ( inve/m5t advice to be a be/
 int]e/ recomm5dation1 ! t]ms correction

 & correct mean ! paym5t to1 or         
reimbursem5t (1 actual damages ( ! plan1
 plan p>ticipants1 or plan b5efici>ies  
result+ directly f ! plan's1 plan       
p>ticipant's1 or plan b5efici>y's       
reliance on su* inve/m5t advice1 if any1
 t h n o!rwise be5 paid or reimburs$ to 
! plan1 plan p>ticipants1 or plan       
b5efici>ies1 includ+ paym5ts &          
reimbursem5ts made pursuant to          
subp>agraph 7,a74  4  7,b7 ,am\nt       
involv$ = purposes ( excise tax ,! fir/ 
s5t5ce ( section #dige7;f77#d7 ( su*    
,code is am5d$ by /rik+ excess          
comp5sation4 & ins]t+ excess            
comp5sation1 & 9 ! case ( a prohibit$   
transaction aris+ by ! failure (        
inve/m5t advice to be a be/ int]e/      
recomm5dation1 ! am\nt involv$ %all be !
 am\nt paid to ! p]son provid+ ! advice 
7or its affiliate1 z def9$ 9 p>agraph   
7#h77;,j77ii77 t has n be5 paid or      
reimburs$ to ! plan1 plan p>ticipants1  
or plan b5efici>ies1 includ+ paym5ts &  
reimbursem5ts made pursuant to p>agraph 

7#e744  7#d7 ,exemption relat+ to       
inve/m5t advice ) respect to c]ta9 fee  
arrangem5ts ,section #dige7;d7 ( su*    
,code 7z am5d$ by p>agraph 7#a77 is     
am5d$ by /rik+ or at ! end ( p>agraph   
7#bc71 by /rik+ ! p]iod at ! end (      
p>agraph 7#bd7 & ins]t+ 1 or1 & by add+ 
aft] p>agraph 7#bd7 ! foll[+3  7#be7 any
 transaction1 includ+ a contract =      
s]vice1 betwe5 a p]son provid+ inve/m5t 
advice describ$ 9 subsection            
7e77#c77;,b7 & ! advice recipi5t 9      
connection ) su* inve/m5t advice1 if--  
7,a7 no m ?an reasonable comp5sation is 
paid 7z det]m9$ "u section              
#dige7;d77#b77 = su* inve/m5t advice1   
7,b7 9 a case 9 :i* ! 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*            
limitations1 includ+ a cle>ly-/at$      
notice t ! same or simil> inve/m5ts may 
be available at a diff]5t co/ 7great] or
 less]7 f o!r s\rces71 %all be cle>ly   
disclos$ to ! advice recipi5t prior to  

any transaction bas$ on ! inve/m5t      
advice1  7,c7 9 a case 9 :i* ! inve/m5t 
advice may result 9 v>iable comp5sation 
to ! p]son provid+ ! inve/m5t advice 7or
 any affiliate ( su* p]son71 ! receipt (
 su* comp5sation1 includ+ a cle>ly-/at$ 
notice t ! same or simil> inve/m5ts may 
be available at a diff]5t co/ 7great] or
 less]7 f o!r s\rces1 %all be cle>ly    
disclos$ to ! advice recipi5t 7)9 !     
mean+ ( subsection 7e77#aa77;,c771 &    
7,d7 9 any case 9 :i* a p]son :o1 act+ 9
 good fai? & ) reasonable dilig5ce1     
makes an error or omission 9 disclos+ ! 
in=mation specifi$ 9 subp>agraphs 7,b7  
or 7,c71 ! p]son discloses ! correct    
in=mation to ! advice recipi5t z soon z 
practicable b n lat] ?an #cj days f !   
date on :i* ! p]son kn[s ( su* error or 
omission4  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$ "u    
section #c7ba7 ( ! ,employee ,retirem5t 
,income ,security ,act ( #aigd & section
 #dige7;e77#c7 ( ! ,int]nal ,rev5ue     
,code ( #aihf 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$ "u 
section #c7ba7 ( ! ,employee ,retirem5t 
,security ,act ( #aigd & section        
#dige7;e77#c7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf t is 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 & a      
fiduci>y %all be treat$ z meet+ !       
requirem5ts ( su* am5dm5ts if ! plan or 
fiduci>y1 z ! case may be1 makes a good 
fai? ef=t to comply ) su* requirem5ts4  
,april #bj1 #bjaf ,report$ f !          
,committee on ,ways & ,means ) an       
amendment,april #bj1 #bjaf ,report$ f ! 
,committee on ,education & ! ,work=ce ) 
an am5dm5t1 committ$ to ! ,committee ( !
 ,:ole ,h\se on ! ,/ate ( ! ,union1 &   
ord]$ to be pr9t$