,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #bhbc  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #h1 #bjag,mr4   
,roe ( ,t5nessee 7= himself1 ,mr4       
,roskam1 ,mr4 ,walb]g1 & ,mr4 ,wilson ( 
,s\? ,c>ol9a7 introduc$ ! foll[+ bill2  
:i* 0 ref]r$ to ! ,committee on         
,education & ! ,work=ce1 & 9 addition to
 ! ,committee on ,ways & ,means1 = 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$  ,a ,,bill  ,to am5d 
! ,employee ,retirem5t ,income ,security
 ,act ( #aigd & ! ,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 ! ,af=dable ,retirem5t    
,advice = ,sav]s ,act4  #b4 ,repeal (   
,fiduci>y ,def9ition rulemak+  7a7 ,9   
g5]al ,! ,fiduci>y ,def9ition rulemak+  
describ$ 9 subsection 7b7 is repeal$ &  
%all h no =ce or effect1 & ! regulations
 & prohibit$ transaction exemptions     

am5d$ or repeal$ by su* rulemak+ are    
re/or$ or reviv$ z if su* rulemak+ _h n 
be5 issu$4  7b7 ,fiduci>y ,def9ition    
rulemak+ ,! ,fiduci>y ,def9ition        
rulemak+ describ$ 9 ?is subsection      
consi/s ( ! foll[+3 7#a7 ,! f9al rule ( 
! ,dep>tm5t ( ,labor titl$ ,def9ition ( 
! ,t]m ,fiduci>y2 ,conflict ( ,int]e/   
,rule--,retirem5t ,inve/m5t ,advice     
publi%$ ,april #h1 #bjaf 7#ha ,f$4 ,reg4
 #bjidf74  7#b7 ,! ,be/ ,int]e/         
,contract ,exemption publi%$ ,april #h1 
#bjaf 7#ha ,f$4 ,reg4 #bajjb71 & !      
te*nical correction publi%$ ,july #aa1  
#bjaf 7#ha ,f$4 ,reg4 #ddggc74  7#c7 ,! 
,class ,exemption = ,pr9cipal           
,transactions 9 ,c]ta9 ,assets ,betwe5  
,inve/m5t ,advice ,fiduci>ies &         
,employee ,b5efit ,plans & ,i,r,as      
publi%$ ,april #h1 #bjaf 7#ha ,f$4 ,reg4
 #bajhi71 & ! te*nical correction       
publi%$ ,july #aa1 #bjaf 7#ha ,f$4 ,reg4
 #ddghd74  7#d7 ,! ,am5dm5t to          
,prohibit$ ,transaction ,exemption      
7,,pte7 #ge-a1 ,"p ,v1 ,exemptions ,f   

,prohibitions ,respect+ ,c]ta9 ,classes 
( ,transactions ,involv+ ,employee      
,b5efit ,plans & ,c]ta9 ,brok]-,deal]s1 
,report+ ,deal]s & ,banks publi%$ ,april
 #h1 #bjaf 7#ha ,f$4 ,reg4 #baaci74     
7#e7 ,! ,am5dm5t to & ,p>tial           
,revocation ( ,prohibit$ ,transaction   
,exemption 7,,pte7 #hf-abh = ,securities
 ,transactions ,involv+ ,employee       
,b5efit ,plans & ,brok]-,deal]s2        
,am5dm5t to & ,p>tial ,revocation (     
,,pte #ge-a1 ,exemptions ,f             
,prohibitions ,respect+ ,c]ta9 ,classes 
( ,transactions ,involv+ ,employee      
,b5efits ,plans & ,c]ta9 ,brok]-,deal]s1
 ,report+ ,deal]s & ,banks publi%$      
,april #h1 #bjaf 7#ha ,f$4 ,reg4        
#baaha74  7#f7 ,! ,am5dm5ts to ,class   
,exemptions #ge-a1 #gg-d1 #hj-hc & #hc-a
 publi%$ ,april #h1 #bjaf 7#ha ,f$4     
,reg4 #babjh74  7#g7 ,! ,am5dm5t to &   
,p>tial ,revocation ( ,prohibit$        
,transaction ,exemption 7,,pte7 #hd-bd =
 ,c]ta9 ,transactions ,involv+          
,insurance ,ag5ts & ,brok]s1 ,p5sion    

,consultants1 ,insurance ,companies1 &  
,inve/m5t ,company ,pr9cipal ,und]writ]s
 publi%$ ,april #h1 #bjaf 7#ha ,f$4     
,reg4 #baadg74  #c4 ,rules relat+ to !  
provision ( inve/m5t advice  7a7        
,am5dm5ts to ! ,employee ,retirem5t     
,income ,security ,act ( #aigd  7#a7    
,def9ition ( inve/m5t advice ,section   
#c7ba7 ( ! ,employee ,retirem5t ,income 
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#ajjb7ba77 is am5d$ by add+ at ! end !  
foll[+3  7,c7  7i7 ,= purposes ( clause 
7ii7 ( subp>agraph 7,a71 ! t]m inve/m5t 
advice means a recomm5dation communicat$
 electronically1 on pap]1 or orally 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$gm5t1 provid$             
electronically or on pap]1 ( !          
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 /ate only ! 
foll[+3 ,?is communication is n         
individualiz$ to y1 & y are n int5d$ to 
rely mat]ially on ?is communication 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 a      
communication %all n be consid]$ to be a
 recomm5dation made pursuant to a mutual
 agreem5t1 arrangem5t1 or und]/&+1 if   
su* communication conta9s ! disclaim]   
requir$ by clause 7ii71 &--  7,i7 x is  
provid$ 9 conjunction ) cle> & prom95t  
disclosure 9 writ+ to a plan1 plan      
p>ticipant1 or b5efici>y t ! p]son      
provid+ ! communication is do+ s 9 its  
m>ket+ or sales capacity1 includ+ any   
communication reg>d+ ! t]ms & conditions
 ( ! engagem5t ( ! p]son provid+ !      

communication1 & 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+ ! communication is a      
curr5t or pot5tial c\nt]p>ty or s]vice  
provid] to ! plan 9 connection ) any    
transaction bas$ on ! communication1 b  
only if--  7aa7 ! plan is repres5t$1 9  
connection ) su* transaction1 by a plan 
fiduci>y t is indep5d5t ( ! p]son       
provid+ ! communication1 &1 except 9 !  
case ( a swap 7z def9$ 9 section #a;a ( 
! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4
 #a;a7 or security-bas$ swap 7z def9$ 9 
section #c7;a7 ( ! ,securities ,ex*ange 
,act 7#ae ,u4,s4,c4 #gh;c7a77771        
indep5d5t ( ! plan sponsor2 &  7bb7     
prior to su* transaction1 ! indep5d5t   
plan fiduci>y repres5ts 9 writ+ to !    
p]son provid+ ! communication 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+ ! communication is an     
employee ( any sponsor+ employ] or      
affiliate or employee organization :o   
provides ! communication to ! plan = no 
fee or o!r comp5sation o!r ?an !        
employee's normal comp5sation2  7,,iv7 !
 p]son provid+ ! communication 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 & ! communication consi/s solely  
(--  7aa7 mak+ available to ! plan1 )\t 
reg>d to ! individualiz$ ne$s ( ! plan1 
securities or o!r prop]ty or inve/m5t   
products ?r\gh a plat=m or simil>       
me*anism f :i* a plan fiduci>y may      
select or monitor inve/m5t alt]natives2 
or  7bb7 9 connection ) a plat=m or     
simil> me*anism describ$ 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$it quality2 7,,bb7 provid+ objective 
f9ancial data & comp>isons ) indep5d5t  
b5*m>ks to ! plan2 or 7,,cc7 id5tify+ a 
sample set ( inve/m5t alt]natives bas$  
on ! plan's /at$ crit]ia 9 response to  
an inquiry f a plan fiduci>y2  7,v7 !   
communication consi/s solely ( valuation
 in=mation2 or  7,,vi7 ! communication  
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 are
 reasonably expect$ to 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
 ,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 recomm5dation1  
communicat$ electronically1 on pap]1 or 
orally1 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$gm5t1 provid$ electronically or  
on pap]1 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 /ate only ! 
foll[+3 ,?is communication is n         
individualiz$ to y1 & y are n int5d$ to 
rely mat]ially on ?is communication 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 a communication %all n  
be treat$ z a recomm5dation made        
pursuant to a mutual agreem5t1          
arrangem5t1 or und]/&+1 if su*          

communication conta9s ! disclaim]       
requir$ by subp>agraph 7,b71 &--  7i7   
,sell]'s exception ,! communication is  
provid$ 9 conjunction ) cle> & prom95t  
disclosure 9 writ+ to a plan1 plan      
p>ticipant1 or b5efici>y t ! p]son      
provid+ ! communication is do+ s 9 its  
m>ket+ or sales capacity1 includ+ any   
communication reg>d+ ! t]ms & conditions
 ( ! engagem5t ( ! p]son provid+ !      
communication1 & 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      
,c]ta9 c\nt]p>ties or s]vice provid]s ,!
 p]son provid+ ! communication is a     
curr5t or pot5tial c\nt]p>ty or s]vice  
provid] to ! plan 9 connection ) any    
transaction bas$ on ! communication1 b  
only if--  7,i7 ! plan is repres5t$1 9  
connection ) su* transaction1 by a plan 
fiduci>y t is indep5d5t ( ! p]son       
provid+ ! communication1 &1 except 9 !  
case ( a swap 7z def9$ 9 section #a;a ( 

! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4
 #a;a7 or security-bas$ swap 7z def9$ 9 
section #c7;a7 ( ! ,securities ,ex*ange 
,act 7#ae ,u4,s4,c4 #gh;c7a77771        
indep5d5t ( ! plan sponsor2 &  7,,ii7   
prior to ent]+ into su* transaction1 !  
indep5d5t plan fiduci>y repres5ts 9     
writ+ to ! p]son provid+ ! communication
 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+ !        
communication is an employee ( any      
sponsor+ employ] or affiliate or        
employee organization :o provides !     
communication 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+ ! communication 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 & ! communication consi/s 
solely (--  7,i7 mak+ available to !    
plan1 plan p>ticipants1 or plan         
b5efici>ies1 )\t reg>d to !             
individualiz$ ne$s ( ! plan1 plan       
p>ticipants1 or plan b5efici>ies1       
securities or o!r prop]ty or inve/m5t   
products ?r\gh a plat=m or simil>       
me*anism f :i* a plan fiduci>y may      
select or monitor inve/m5t alt]natives2 
or  7,,ii7 9 connection ) a plat=m or   
simil> me*anism describ$ 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$it quality2  7bb7       
provid+ objective f9ancial data &       
comp>isons ) indep5d5t b5*m>ks to !     
plan2 or  7cc7 id5tify+ a sample set (  
inve/m5t alt]natives bas$ on ! plan's   
/at$ crit]ia 9 response to an inquiry f 

a plan fiduci>y4  7v7 ,valuation ,!     
communication consi/s solely ( valuation
 in=mation4  7vi7 ,f9ancial education ,!
 communication 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>y2  
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$2 or  7,,iii7 any
 additional in=mation treat$ 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#b772  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 age2 &
  7,,ii7 any o!r in=mation t ! advice   
recipi5t discloses to ! p]son 9         
connection ) receiv+ su* recomm5dation2 
&  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\rces42 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 are  
reasonably expect$ to 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$-- 7i7 by /rik+ 7#e7  
,,correction- ,! t]ms & ins]t+3  7#e7   
,correction  7,a7 ,9 g5]al ,except z    
provid$ 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  7c7 ,effective date ,! am5dm5ts 
made by subsections 7a7 & 7b7 %all take 
effect on ! date ( ! enactm5t ( ?is ,act
 & %all apply ) respect to              
communications provid$ or recomm5dations
 made on or aft] #b ye>s aft] su* date4 
7d7 ,gr&fa!r$ transactions & s]vices ,! 
am5dm5ts made by subsections 7a7 & 7b7  
%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 become effective 
"u subsection 7c74  7e7 ,transition     
,until su* "t z regulations or o!r      
guidance are issu$ to c>ry out !        
am5dm5ts made by subsections 7a7 & 7b71 
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