,,ib  ,union ,calendar ,no4 #ddc  #aaeth
 ,,congress  #b;d ,session  ,h4 ,r4     
#bhbc  ,report ,no4 #aae-cga1 ,part ,i  
,,in ,,the ,,house ,,of                 
,,representatives  ,june #h1 #bjag ,mr4 
,roe of ,tennessee 7for himself1 ,mr4   
,roskam1 ,mr4 ,walberg1 and ,mr4 ,wilson
 of ,south ,carolina7 introduced the    
following bill2 which was referred to   
the ,committee on ,education and the    
,workforce1 and in addition to the      
,committee on ,ways and ,means1 for a   
period to be subsequently determined by 
the ,speaker1 in each case for          
consideration of such provisions as fall
 within the jurisdiction of the         
committee concerned  ,october #be1 #bjag
 ,reported from the ,committee on       
,education and the ,workforce with an   
amendment ,strike out all after the     
enacting clause and insert the part     
printed in italic  ,october #be1 #bjag  
,referral to the ,committee on ,ways and
 ,means extended for a period ending not
 later than ,january #aj1 #bjah ,for    

text of introduced bill1 see copy of    
bill as introduced on ,june #h1 #bjag   
,january #aj1 #bjah ,referral to the    
,committee on ,ways and ,means extended 
for a period ending not later than      
,february #b1 #bjah  ,february #b1 #bjah
 ,referral to the ,committee on ,ways   
and ,means extended for a period ending 
not later than ,march #e1 #bjah  ,march 
#e1 #bjah ,additional sponsors3 ,mr4    
,grothman1 ,mr4 ,sam ,johnson of ,texas1
 ,mr4 ,marshall1 ,mr4 ,sessions1 ,mr4   
,la,hood1 ,mr4 ,barton1 ,mr4 ,latta1    
,mr4 ,bishop of ,michigan1 ,mr4 ,rokita1
 ,mr4 ,allen1 ,mr4 ,renacci1 ,mr4       
,mitchell1 ,mr4 ,fleischmann1 ,mr4      
,duncan of ,tennessee1 ,mr4 ,kelly of   
,pennsylvania1 ,mr4 ,barletta1 ,mr4     
,budd1 ,ms4 ,stefanik1 ,mr4 ,paulsen1   
,mr4 ,marchant1 ,mr4 ,thompson of       
,pennsylvania1 ,ms4 ,foxx1 ,mr4         
,guthrie1 ,mr4 ,francis ,rooney of      
,florida1 ,mr4 ,ferguson1 ,mr4 ,estes of
 ,kansas1 and ,mr4 ,messer  ,march #e1  
#bjah ,the ,committee on ,ways and      

,means discharged2 committed to the     
,committee of the ,whole ,house on the  
,state of the ,union and ordered to be  
printed  ,a ,,bill  ,to amend the       
,employee ,retirement ,income ,security 
,act of #aigd and the ,internal ,revenue
 ,code of #aihf to ensure that          
retirement investors receive advice in  
their best interests1 and for other     
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,affordable         
,retirement ,advice for ,savers ,act4   
#b4 ,repeal of ,fiduciary ,definition   
rulemaking  7a7 ,in general ,the        
,fiduciary ,definition rulemaking       
described in subsection 7b7 is repealed 
and shall have no force or effect1 and  
the regulations and prohibited          
transaction exemptions amended or       
repealed by such rulemaking are restored
 or revived as if such rulemaking had   
not been issued4  7b7 ,fiduciary        
,definition rulemaking ,the ,fiduciary  
,definition rulemaking described in this
 subsection consists of the following3  

7#a7 ,the final rule of the ,department 
of ,labor titled ,definition of the     
,term ,fiduciary2 ,conflict of ,interest
 ,rule--,retirement ,investment ,advice 
published ,april #h1 #bjaf 7#ha ,fed4   
,reg4 #bjidf74  7#b7 ,the ,best         
,interest ,contract ,exemption published
 ,april #h1 #bjaf 7#ha ,fed4 ,reg4      
#bajjb71 and the technical correction   
published ,july #aa1 #bjaf 7#ha ,fed4   
,reg4 #ddggc74  7#c7 ,the ,class        
,exemption for ,principal ,transactions 
in ,certain ,assets ,between ,investment
 ,advice ,fiduciaries and ,employee     
,benefit ,plans and ,i,r,as published   
,april #h1 #bjaf 7#ha ,fed4 ,reg4       
#bajhi71 and the technical correction   
published ,july #aa1 #bjaf 7#ha ,fed4   
,reg4 #ddghd74  7#d7 ,the ,amendment to 
,prohibited ,transaction ,exemption     
7,,pte7 #ge-a1 ,part ,v1 ,exemptions    
,from ,prohibitions ,respecting ,certain
 ,classes of ,transactions ,involving   
,employee ,benefit ,plans and ,certain  
,broker-,dealers1 ,reporting ,dealers   

and ,banks published ,april #h1 #bjaf   
7#ha ,fed4 ,reg4 #baaci74  7#e7 ,the    
,amendment to and ,partial ,revocation  
of ,prohibited ,transaction ,exemption  
7,,pte7 #hf-abh for ,securities         
,transactions ,involving ,employee      
,benefit ,plans and ,broker-,dealers2   
,amendment to and ,partial ,revocation  
of ,,pte #ge-a1 ,exemptions ,from       
,prohibitions ,respecting ,certain      
,classes of ,transactions ,involving    
,employee ,benefits ,plans and ,certain 
,broker-,dealers1 ,reporting ,dealers   
and ,banks published ,april #h1 #bjaf   
7#ha ,fed4 ,reg4 #baaha74  7#f7 ,the    
,amendments to ,class ,exemptions #ge-a1
 #gg-d1 #hj-hc and #hc-a published      
,april #h1 #bjaf 7#ha ,fed4 ,reg4       
#babjh74  7#g7 ,the ,amendment to and   
,partial ,revocation of ,prohibited     
,transaction ,exemption 7,,pte7 #hd-bd  
for ,certain ,transactions ,involving   
,insurance ,agents and ,brokers1        
,pension ,consultants1 ,insurance       
,companies1 and ,investment ,company    

,principal ,underwriters published      
,april #h1 #bjaf 7#ha ,fed4 ,reg4       
#baadg74  #c4 ,rules relating to the    
provision of investment advice  7a7     
,amendments to the ,employee ,retirement
 ,income ,security ,act of #aigd  7#a7  
,definition of investment advice        
,section #c7ba7 of the ,employee        
,retirement ,income ,security ,act of   
#aigd 7#bi ,u4,s4,c4 #ajjb7ba77 is      
amended by adding at the end the        
following3  7,c7 7i7 ,for purposes of   
clause 7ii7 of subparagraph 7,a71 the   
term investment advice means a          
recommendation communicated             
electronically1 on paper1 or orally     
that--  7,i7 relates to-- 7aa7 the      
advisability of acquiring1 holding1     
disposing1 or exchanging any moneys or  
other property of a plan by the plan1   
plan participants1 or plan              
beneficiaries1 including any            
recommendation whether to take a        
distribution of benefits from such plan 
or any recommendation relating to the   

investment of any moneys or other       
property of such plan to be distributed 
from such plan2  7bb7 the management of 
moneys or other property of such plan1  
including recommendations relating to   
the management of moneys or other       
property to be distributed from such    
plan2 or  7cc7 the advisability of      
retaining or ceasing to retain a person 
who would receive a fee or other        
compensation for providing any of the   
types of advice described in this       
subclause2 and  7,,ii7 is rendered      
pursuant to-- 7aa7 a written            
acknowledgment1 provided electronically 
or on paper1 of the obligation of the   
advisor to comply with section #djd with
 respect to the provision of such       
recommendation2 or  7bb7 a mutual       
agreement1 arrangement1 or              
understanding1 which may include        
limitations on scope1 timing1 and       
responsibility to provide ongoing       
monitoring or advice services1 between  
the person making such recommendation   

and the plan that such recommendation is
 individualized to the plan and such    
plan intends to materially rely on such 
recommendation in making investment or  
management decisions with respect to any
 moneys or other property of such plan4 
7ii7 ,for purposes of clause            
7i77,,ii77bb71 any disclaimer of a      
mutual agreement1 arrangement1 or       
understanding shall state only the      
following3 ,this communication is not   
individualized to you1 and you are not  
intended to rely materially on this     
communication in making investment or   
management decisions44 ,such disclaimer 
shall not be effective unless such      
disclaimer is in writing and is         
communicated in a clear and prominent   
manner and an objective person would    
reasonably conclude that1 based on all  
the facts and circumstances1 there was  
not a mutual agreement1 arrangement1 or 
understanding4  7iii7 ,for purposes of  
clause 7i77,,ii77bb71 a communication   
shall not be considered to be a         

recommendation made pursuant to a mutual
 agreement1 arrangement1 or             
understanding1 if such communication    
contains the disclaimer required by     
clause 7ii71 and-- 7,i7 it is provided  
in conjunction with clear and prominent 
disclosure in writing to a plan1 plan   
participant1 or beneficiary that the    
person providing the communication is   
doing so in its marketing or sales      
capacity1 including any communication   
regarding the terms and conditions of   
the engagement of the person providing  
the communication1 and that the person  
is not intending to provide investment  
advice within the meaning of this       
subparagraph or to otherwise act as a   
fiduciary to the plan2  7,,ii7 the      
person providing the communication is a 
current or potential counterparty or    
service provider to the plan in         
connection with any transaction based on
 the communication1 but only if-- 7aa7  
the plan is represented1 in connection  
with such transaction1 by a plan        

fiduciary that is independent of the    
person providing the communication1 and1
 except in the case of a swap 7as       
defined in section #a;a of the          
,commodity ,exchange ,act 7#g ,u4,s4,c4 
#a;a7 or security-based swap 7as defined
 in section #c7;a7 of the ,securities   
,exchange ,act 7#ae ,u4,s4,c4           
#gh;c7a77771 independent of the plan    
sponsor2 and  7bb7 prior to such        
transaction1 the independent plan       
fiduciary represents in writing to the  
person providing the communication that 
it is aware that the person has a       
financial interest in the transaction   
and that it has determined that the     
person is not intending to provide      
investment advice within the meaning of 
this subparagraph or to otherwise act as
 a fiduciary to the plan subject to     
section #djd2  7,,iii7 the person       
providing the communication is an       
employee of any sponsoring employer or  
affiliate or employee organization who  
provides the communication to the plan  

for no fee or other compensation other  
than the employee's normal compensation2
  7,,iv7 the person providing the       
communication discloses in writing to   
the plan fiduciary that the person is   
not undertaking to provide investment   
advice as a fiduciary to the plan       
subject to section #djd and the         
communication consists solely of-- 7aa7 
making available to the plan1 without   
regard to the individualized needs of   
the plan1 securities or other property  
or investment products through a        
platform or similar mechanism from which
 a plan fiduciary may select or monitor 
investment alternatives2 or  7bb7 in    
connection with a platform or similar   
mechanism described in item 7aa7--      
7,,aa7 identifying investment           
alternatives that meet objective        
criteria specified by the plan1 such as 
criteria concerning expense ratios1 fund
 sizes1 types of asset1 or credit       
quality2 7,,bb7 providing objective     
financial data and comparisons with     

independent benchmarks to the plan2 or  
7,,cc7 identifying a sample set of      
investment alternatives based on the    
plan's stated criteria in response to an
 inquiry from a plan fiduciary2  7,v7   
the communication consists solely of    
valuation information2 or  7,,vi7 the   
communication consists solely of--  7aa7
 information described in ,department of
 ,labor ,interpretive ,bulletin #if-a   
7#bi ,c4,f4,r4 #beji4if-a1 as in effect 
on ,january #a1 #bjae71 regardless of   
whether such education is provided to a 
plan or plan fiduciary or a participant 
or beneficiary2  7bb7 information       
provided to participants or             
beneficiaries regarding the factors to  
consider in deciding whether to elect to
 receive a distribution from a plan or  
an individual retirement plan 7as       
defined in section #ggja7;a77#cg7 of the
 ,internal ,revenue ,code of #aihf7 and 
whether to roll over such distribution  
to a plan or an individual retirement   
plan 7as defined in section             

#ggja7;a77#cg7 of the ,internal ,revenue
 ,code of #aihf71 so long as any        
examples of different distribution      
alternatives are accompanied by all     
material facts and assumptions on which 
the examples are based2 or  7cc7 any    
additional information treated as       
education by the ,secretary4  4  7#b7   
,exemption relating to investment advice
 ,section #djh7;b7 of the ,employee     
,retirement ,income ,security ,act of   
#aigd is amended by adding at the end   
the following3  7#ba7  7,a7 ,any        
transaction1 including a contract for   
service1 between a person providing     
investment advice described in section  
#c7ba77;,a77ii7 and the advice recipient
 in connection with such investment     
advice1 and any transaction consisting  
of the provision of such investment     
advice1 if the following conditions are 
satisfied3 7i7 ,no more than reasonable 
compensation is paid 7as determined     
under section #djh7;b77#b77 for such    
investment advice4  7ii7 ,if the        

investment advice is based on a limited 
range of investment options 7which may  
consist1 in whole or in part1 of        
proprietary products71 such limitations 
shall be clearly disclosed to the advice
 recipient prior to any transaction     
based on the investment advice in the   
form of a notice that only states the   
following3 ,this recommendation is based
 on a limited range of investment       
options1 and the same or similar        
investments may be available at a       
different cost 7greater or lesser7 from 
other sources44  7iii7 ,if the          
investment advice may result in variable
 compensation to the person providing   
the investment advice 7or any affiliate 
of such person71 the receipt of such    
compensation shall be clearly disclosed 
to the advice recipient prior to any    
transaction based on the investment     
advice4 ,for purposes of this           
subparagraph1 clear disclosure of       
variable compensation shall include1 in 
a manner calculated to be understood by 

the average individual1 each of the     
following3  7,i7 ,a notice that states  
only the following3 ,this recommendation
 may result in varying amounts of fees  
or other compensation to the person     
providing the recommendation 7or its    
affiliate71 and the same or similar     
investments may be available at a       
different cost 7greater or lesser7 from 
other sources44 ,any regulations or     
administrative guidance implementing    
this subclause may not require this     
notice to be updated more than annually4
  7,,ii7 ,a description of any fee or   
other compensation that is directly or  
indirectly payable to the person 7or its
 affiliate7 by the advice recipient with
 respect to such transaction 7expressed 
as an amount1 formula1 percentage of    
assets1 per capita charge1 or estimate  
or range of such compensation74  7,,iii7
 ,a description of the types and ranges 
of any compensation that are reasonably 
expected to be directly or indirectly   
payable to the person 7or its affiliate7

 by any third party in connection with  
such transaction 7expressed as an       
amount1 formula1 percentage of assets1  
per capita charge1 or estimate or range 
of such compensation74  7,,iv7 ,upon    
request of the advice recipient1 a      
disclosure of the specific amounts of   
compensation described in clause 7iii7  
that the person will receive in         
connection with the particular          
transaction 7expressed as an amount1    
formula1 percentage of assets1 per      
capita charge1 or estimate of such      
compensation74  7,b7 ,no recommendation 
will fail to satisfy the conditions     
described in clauses 7i7 through 7iii7  
of subparagraph 7,a7 solely because the 
person1 acting in good faith and with   
reasonable diligence1 makes an error or 
omission in disclosing the information  
specified in such clauses1 provided that
 the person discloses the correct       
information to the advice recipient as  
soon as practicable1 but not later than 
#cj days from the date on which the     

person knows of such error or omission4 
7,c7 ,any notice provided pursuant to a 
requirement under clause 7ii7 or clause 
7iii77,i7 of subparagraph 7,a7 shall    
have no effect on any other notice      
otherwise required without regard to    
this title1 and shall be provided in    
addition to1 and not in lieu of1 any    
other such notice4  7,d7 ,for purposes  
of this paragraph1 the term affiliate   
has the meaning given in subsection     
7g77#aa77;,b74  4  7b7 ,amendments to   
the internal revenue code of #aihf  7#a7
 ,exemption for investment advice which 
is best interest recommendation ,section
 #dige7;d7 of the ,internal ,revenue    
,code of #aihf is amended by striking or
 at the end of paragraph 7#bb71 by      
striking the period at the end of       
paragraph 7#bc7 and inserting 1 or1 and 
by inserting after paragraph 7#bc7 the  
following3  7#bd7 provision of          
investment advice by a fiduciary to a   
plan1 plan participant1 or beneficiary  
with respect to the plan1 which is a    

best interest recommendation or a       
transaction connected to such advice4  4
  7#b7 ,investment advice2 best interest
 recommendation ,section #dige7;e7 of   
such ,code is amended by adding at the  
end the following3  7#aj7 ,investment   
advice  7,a7 ,in general ,for purposes  
of this section1 the term investment    
advice means a recommendation1          
communicated electronically1 on paper1  
or orally1 that-- 7i7 relates to--  7,i7
 the advisability of acquiring1 holding1
 disposing1 or exchanging any moneys or 
other property of a plan by the plan1   
plan participants1 or plan              
beneficiaries1 including any            
recommendation whether to take a        
distribution of benefits from such plan 
or any recommendation relating to the   
investment of any moneys or other       
property of such plan to be distributed 
from such plan2  7,,ii7 the management  
of moneys or other property of such     
plan1 including recommendations relating
 to the management of moneys or other   

property to be distributed from such    
plan2 or  7,,iii7 the advisability of   
retaining or ceasing to retain a person 
who would receive a fee or other        
compensation for providing any of the   
types of advice described in this       
subclause2 and  7ii7 is rendered        
pursuant to--  7,i7 a written           
acknowledgment1 provided electronically 
or on paper1 that the person is a       
fiduciary with respect to the provision 
of such recommendation2 or  7,,ii7 a    
mutual agreement1 arrangement1 or       
understanding which may include         
limitations on scope1 timing1 and       
responsibility to provide ongoing       
monitoring or advice services1 between  
the person making such recommendation   
and the plan1 plan participant1 or      
beneficiary that such recommendation is 
individualized to the plan1 plan        
participant1 or beneficiary and such    
plan1 plan participant1 or beneficiary  
intends to materially rely on such      
recommendation in making investment or  

management decisions with respect to any
 moneys or other property of such plan4 
7,b7 ,disclaimer of a mutual agreement1 
arrangement1 or understanding ,for      
purposes of subparagraph 7,a77ii77,,ii71
 any disclaimer of a mutual agreement1  
arrangement1 or understanding shall     
state only the following3 ,this         
communication is not individualized to  
you1 and you are not intended to rely   
materially on this communication in     
making investment or management         
decisions44 ,such disclaimer shall not  
be effective unless such disclaimer is  
in writing and is communicated in a     
clear and prominent manner and an       
objective person would reasonably       
conclude that1 based on all the facts   
and circumstances1 there was not a      
mutual agreement1 arrangement1 or       
understanding4  7,c7 ,when              
recommendation treated as made pursuant 
to a mutual agreement1 arrangement1 or  
understanding ,for purposes of          
subparagraph 7,a77ii77,,ii71 a          

communication shall not be treated as a 
recommendation made pursuant to a mutual
 agreement1 arrangement1 or             
understanding1 if such communication    
contains the disclaimer required by     
subparagraph 7,b71 and--  7i7 ,seller's 
exception ,the communication is provided
 in conjunction with clear and prominent
 disclosure in writing to a plan1 plan  
participant1 or beneficiary that the    
person providing the communication is   
doing so in its marketing or sales      
capacity1 including any communication   
regarding the terms and conditions of   
the engagement of the person providing  
the communication1 and that the person  
is not intending to provide investment  
advice within the meaning of this       
subparagraph or to otherwise act as a   
fiduciary to the plan or under the      
obligations of a best interest          
recommendation4  7ii7 ,certain          
counterparties or service providers ,the
 person providing the communication is a
 current or potential counterparty or   

service provider to the plan in         
connection with any transaction based on
 the communication1 but only if--  7,i7 
the plan is represented1 in connection  
with such transaction1 by a plan        
fiduciary that is independent of the    
person providing the communication1 and1
 except in the case of a swap 7as       
defined in section #a;a of the          
,commodity ,exchange ,act 7#g ,u4,s4,c4 
#a;a7 or security-based swap 7as defined
 in section #c7;a7 of the ,securities   
,exchange ,act 7#ae ,u4,s4,c4           
#gh;c7a77771 independent of the plan    
sponsor2 and  7,,ii7 prior to entering  
into such transaction1 the independent  
plan fiduciary represents in writing to 
the person providing the communication  
that it is aware that the person has a  
financial interest in the transaction   
and that it has determined that the     
person is not intending to provide      
investment advice within the meaning of 
this subparagraph or to otherwise act as
 a fiduciary to the plan1 plan          

participants1 or plan beneficiaries4    
7iii7 ,employees of a plan sponsor ,the 
person providing the communication is an
 employee of any sponsoring employer or 
affiliate or employee organization who  
provides the communication to the plan  
for no fee or other compensation other  
than the employee's normal compensation4
  7iv7 ,platform providers selection and
 monitoring assistance ,the person      
providing the communication discloses in
 writing to the plan fiduciary that the 
person is not undertaking to provide    
investment advice as a fiduciary 7within
 the meaning of this paragraph7 or under
 the obligations of a best interest     
recommendation and the communication    
consists solely of--  7,i7 making       
available to the plan1 plan             
participants1 or plan beneficiaries1    
without regard to the individualized    
needs of the plan1 plan participants1 or
 plan beneficiaries1 securities or other
 property or investment products through
 a platform or similar mechanism from   

which a plan fiduciary may select or    
monitor investment alternatives2 or     
7,,ii7 in connection with a platform or 
similar mechanism described in subclause
 7,i7--  7aa7 identifying investment    
alternatives that meet objective        
criteria specified by the plan1 such as 
criteria concerning expense ratios1 fund
 sizes1 types of asset1 or credit       
quality2  7bb7 providing objective      
financial data and comparisons with     
independent benchmarks to the plan2 or  
7cc7 identifying a sample set of        
investment alternatives based on the    
plan's stated criteria in response to an
 inquiry from a plan fiduciary4  7v7    
,valuation ,the communication consists  
solely of valuation information4  7vi7  
,financial education ,the communication 
consists solely of-- 7,i7 information   
described in ,department of ,labor      
,interpretive ,bulletin #if-a 7#bi      
,c4,f4,r4 #beji4if-a1 as in effect on   
,january #a1 #bjae71 regardless of      
whether such education is provided to a 

plan or plan fiduciary or a participant 
or beneficiary2  7,,ii7 information     
provided to participants or             
beneficiaries regarding the factors to  
consider in deciding whether to elect to
 receive a distribution from a plan and 
whether to roll over such distribution  
to a plan1 so long as any examples of   
different distribution alternatives are 
accompanied by all material facts and   
assumptions on which the examples are   
based2 or  7,,iii7 any additional       
information treated as education by the 
,secretary4  7#aa7 ,best interest       
recommendation ,for purposes of this    
subsection-- 7,a7 ,in general ,the term 
best interest recommendation means a    
recommendation--  7i7 for which no more 
than reasonable compensation is paid 7as
 determined under subsection 7d77#b772  
7ii7 provided by a person acting with   
the care1 skill1 prudence1 and diligence
 under the circumstances then prevailing
 that a prudent person would exercise   
based on--  7,i7 the information        

obtained through the reasonable         
diligence of the person regarding       
factors such as the advice recipient's  
age2 and  7,,ii7 any other information  
that the advice recipient discloses to  
the person in connection with receiving 
such recommendation2 and  7iii7 where   
the person places the interests of the  
plan or advice recipient above its own4 
7,b7 ,investment options2 variable      
compensation ,a best interest           
recommendation may include a            
recommendation that--  7i7 is based on a
 limited range of investment options    
7which may consist1 in whole or in part1
 of proprietary products71 but only if  
any such limitations shall be clearly   
disclosed to the advice recipient prior 
to any transaction based on the         
investment advice in the form of a      
notice that only states the following3  
,this recommendation is based on a      
limited range of investment options1 and
 the same or similar investments may be 
available at a different cost 7greater  

or lesser7 from other sources42 or  7ii7
 may result in variable compensation to 
the person providing the recommendation 
7or any affiliate of such person71 but  
only if the receipt of such compensation
 shall be clearly disclosed to the      
advice recipient prior to any           
transaction based on the investment     
advice4  7,c7 ,clear disclosure of      
variable compensation ,for purposes of  
this paragraph1 clear disclosure of     
variable compensation shall include1 in 
a manner calculated to be understood by 
the average individual1 each of the     
following3 7i7 ,a notice that states    
only the following3 ,this recommendation
 may result in varying amounts of fees  
or other compensation to the person     
providing the recommendation 7or its    
affiliate71 and the same or similar     
investments may be available at a       
different cost 7greater or lesser7 from 
other sources44 ,any regulations or     
administrative guidance implementing    
this clause may not require this notice 

to be updated more than annually4  7ii7 
,a description of any fee or other      
compensation that is directly or        
indirectly payable to the person 7or its
 affiliate7 by the advice recipient with
 respect to such transaction 7expressed 
as an amount1 formula1 percentage of    
assets1 per capita charge1 or estimate  
or range of such compensation74  7iii7  
,a description of the types and ranges  
of any compensation that are reasonably 
expected to be directly or indirectly   
payable to the person 7or its affiliate7
 by any third party in connection with  
such transaction 7expressed as an       
amount1 formula1 percentage of assets1  
per capita charge1 or estimate or range 
of such compensation74  7iv7 ,upon      
request of the advice recipient1 a      
disclosure of the specific amounts of   
compensation described in clause 7iii7  
that the person will receive in         
connection with the particular          
transaction 7expressed as an amount1    
formula1 percentage of assets1 per      

capita charge1 or estimate of such      
compensation74  7,d7 ,definition of     
affiliate ,for purposes of this         
paragraph1 the term affiliate has the   
meaning given in subsection             
7f77#h77;,j77ii74  7,e7 ,correction of  
certain errors and omissions ,a         
recommendation shall not fail to be a   
best interest recommendation solely     
because a person who1 acting in good    
faith and with reasonable diligence1    
makes an error or omission in disclosing
 the information specified in           
subparagraph 7,b71 if the person        
discloses the correct information to the
 advice recipient as soon as practicable
 but not later than #cj days from the   
date on which the person knows of such  
error or omission4  7,f7 ,special rule  
,any notice provided pursuant to a      
requirement under subparagraph 7,b77i7  
or subparagraph 7,c77i7 shall have no   
effect on any other notice otherwise    
required without regard to this title1  
and shall be provided in addition to1   

and not in lieu of1 any other such      
notice4  4  7#c7 ,failures relating to  
best interest recommendation  7,a7      
,correction ,section #dige7;f77#e7 of   
such ,code is amended-- 7i7 by striking 
7#e7 ,correction4--,the terms and       
inserting3  7#e7 ,correction  7,a7 ,in  
general ,except as provided in          
subparagraph 7,b71 the terms  1 and     
7ii7 by adding at the end the following3
  7,b7 ,determination of correction and 
correct with respect to best interest   
advice recommendations ,in the case of a
 prohibited transaction arising by the  
failure of investment advice to be a    
best interest recommendation1 the terms 
correction and correct mean the payment 
to1 or reimbursement of1 actual damages 
of the plan1 plan participants1 or plan 
beneficiaries resulting directly from   
the plan's1 plan participant's1 or plan 
beneficiary's reliance on such          
investment advice1 if any1 that have not
 otherwise been paid or reimbursed to   
the plan1 plan participants1 or plan    

beneficiaries1 including payments and   
reimbursements made pursuant to         
subparagraph 7,a7 if such amount is     
greater than the amount determined under
 subparagraph 7,a74  4  7,b7 ,amount    
involved for purposes of excise tax ,the
 first sentence of section #dige7;f77#d7
 of such ,code is amended by striking   
excess compensation4 and inserting      
excess compensation1 and in the case of 
a prohibited transaction arising by the 
failure of investment advice to be a    
best interest recommendation1 the amount
 involved shall be the amount paid to   
the person providing the advice 7or its 
affiliate1 as defined in paragraph      
7#h77;,j77ii77 that has not been paid or
 reimbursed to the plan1 plan           
participants1 or plan beneficiaries1    
including payments and reimbursements   
made pursuant to paragraph 7#e744  7c7  
,effective date ,the amendments made by 
subsections 7a7 and 7b7 shall take      
effect on the date of the enactment of  
this ,act and shall apply with respect  

to communications provided or           
recommendations made on or after #b     
years after such date4  7d7             
,grandfathered transactions and services
 ,the amendments made by subsections 7a7
 and 7b7 shall not apply to any service 
or transaction rendered1 entered into1  
or for which a person has been          
compensated prior to the date on which  
the amendments become effective under   
subsection 7c74  7e7 ,transition ,until 
such time as regulations or other       
guidance are issued to carry out the    
amendments made by subsections 7a7 and  
7b71 a plan or a fiduciary shall be     
treated as meeting the requirements of  
such amendments if the plan or          
fiduciary1 as the case may be1 complies 
with a reasonable good faith            
interpretation of such amendments4      
,march #e1 #bjah ,the ,committee on     
,ways and ,means discharged2 committed  
to the ,committee of the ,whole ,house  
on the ,state of the ,union and ordered 
to be printed